Tax Concessions, Specially Qualified Persons
May 14th 2012, 6:54 pm
#1
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Joined: May 2012
Posts: 6
Tax Concessions, Specially Qualified Persons
Howdy, I'm a financial exec and my company has raised the possibility of my relocating to Barbados. I did some research on the tax situation, and noticed the following link which states:
http://www.investbarbados.org/faq_bu...ions_qualified
Are there any tax concessions for specially qualified persons?
Under the Exempt Insurance Act, the Financial Services Act, the International Business Companies Act and the Societies with Restricted Liability Act, where the entity requires the services of specially qualified individuals in order to carry out its business effectively from within Barbados, it is unable to acquire those services in Barbados and is unable to retain them from outside Barbados without special tax concessions, the Minister of Finance may grant a tax concession which allows up to 35% of those persons' salaries or fees to be exempt from income tax in Barbados.
I presume that is referring to Article 12 of the following:
http://investbarbados.org/docs/Inter...0Cap.%2077.PDF
Does anyone have any experience or knowledge of this? Is it a standard tax concession for a "specially qualified" finance profession, or is "may grant" the critical phrase...
Also, while I'm on the topic - does anyone have experience with negotiating rental costs from an existing employer when they relocate?
Feel free to PM if you like, thx!
http://www.investbarbados.org/faq_bu...ions_qualified
Are there any tax concessions for specially qualified persons?
Under the Exempt Insurance Act, the Financial Services Act, the International Business Companies Act and the Societies with Restricted Liability Act, where the entity requires the services of specially qualified individuals in order to carry out its business effectively from within Barbados, it is unable to acquire those services in Barbados and is unable to retain them from outside Barbados without special tax concessions, the Minister of Finance may grant a tax concession which allows up to 35% of those persons' salaries or fees to be exempt from income tax in Barbados.
I presume that is referring to Article 12 of the following:
http://investbarbados.org/docs/Inter...0Cap.%2077.PDF
Does anyone have any experience or knowledge of this? Is it a standard tax concession for a "specially qualified" finance profession, or is "may grant" the critical phrase...
Also, while I'm on the topic - does anyone have experience with negotiating rental costs from an existing employer when they relocate?
Feel free to PM if you like, thx!
May 14th 2012, 7:14 pm
#2
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Joined: Oct 2006
Location: Barbados
Posts: 906
Re: Tax Concessions, Specially Qualified Persons
Welcome skvs.. would the most appropriate persons for this question to be answered be the company you would be working for in barbados? apologies if im stating the obvious but im presuming they may have employed others in your situation
Last edited by Serendipidy; May 14th 2012 at 7:17 pm.
May 14th 2012, 9:50 pm
#3
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Joined: May 2012
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Re: Tax Concessions, Specially Qualified Persons
Serendipity, thx for the reply.
It's been said that a smart trial lawyer never asks a question if they don't already know the answer. While I'm not a lawyer, and this isn't a trial, nonetheless I'll be in a much better negotiating position re: relocation package/etc if I know as many details as possible before I have a formal discussion with our HR dept. And similarly I'd like to avoid asking them any silly questions. Just doing my homework!
It's been said that a smart trial lawyer never asks a question if they don't already know the answer. While I'm not a lawyer, and this isn't a trial, nonetheless I'll be in a much better negotiating position re: relocation package/etc if I know as many details as possible before I have a formal discussion with our HR dept. And similarly I'd like to avoid asking them any silly questions. Just doing my homework!
May 14th 2012, 11:44 pm
#4
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Joined: Oct 2006
Location: Barbados
Posts: 906
Re: Tax Concessions, Specially Qualified Persons
Good thinking batman.. Tally Ho lol
