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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…