11 Feb 2014Blog

NIS, PAYE & Consolidation Tax Rates 2014

by Monique

See below for Barbados tax rates with regards to National Insurance, PAYE and Consolidation tax:

There has been an increase to NIS insurable earnings limit effective January 2014

Monthly: $4,360.00 effective 1 January, 2014 (previously $4,270.00)
Weekly : $1,006.00 effective 6 January, 2014 (previously $985.00)

There has been no change in the NIS rates:

Private Sector Employees: 10.1%
Employers: 11.25%

For other rates go to the Barbados National Insurance website

There has been no change in the PAYE rates:

Basic allowance: $25,000 ($2,083.33 monthly or $480.77 weekly)
Taxable income up to $35,000 ($2,916.67 Monthly or $673.08 weekly): 17.5%
Taxable income above $35,000: 35%

N.B. Tax remains payable on Travel and Entertainment allowances.

Consolidation tax

$50,000 – $75,000 = 0.5%
$75,001 – $100,000 = 1%
$100,001 – $200,000 = 2%
$200,001 and over = 3%

To use the consolidation tax calculator, go to the Inland Revenue website