VAT Calculator Barbados

Barbados imposes Value Added Tax (VAT) on the supply of goods and services at a standard rate of 17.5%. There is a reduced preferential rate of 7.5% on few services including guest houses, hotels, inns. Nil tax is applied on few services including supply of prescribed medical device, supply of crude oil, basic food items like frozen meat, fish, potatoes, onions, citrus fruits and rice.

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Barbados imposes Value Added Tax (VAT) on the supply of goods and services at a standard rate of 17.5%. There is a reduced preferential rate of 7.5% on few services including guest houses, hotels, inns. Nil tax is applied on few services including supply of prescribed medical device, supply of crude oil, basic food items like frozen meat, fish, potatoes, onions, citrus fruits and rice.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

There are also exempt supplies of good and services including Financial Services, Medical Services, Residential property sales, Public Postal Services, Transportation services, Betting and gaming.

Example

Find the VAT price and net price in Barbados (GST % is 17.5) for an amount of 25000 Bds$

Add Tax

Solution :
GST % = 17.5
Amount = 25000

Step 1 :
GST Price = (25000 * 17.5 ) / 100
     = 4375 Bds$

Step 2 :
Net Price = 25000 + 4375
     = 29375 Bds$

Hence the VAT Price is 4375 Bds$ and Net Price is 29375 Bds$

Remove Tax

Solution :
GST % = 17.5
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 17.5)))
                 = 25000 - (25000 * 0.85)
                 = 25000 - 21276.6
                 = 25000 - 21276.6
GST Price = 3723.4 Bds$

Step 2 :
Net Price = 25000 - 3723.4
                = 21276.6 Bds$

Hence the VAT Price is 3723.4 Bds$ and Net Price is 21276.6 Bds$

There are also exempt supplies of good and services including Financial Services, Medical Services, Residential property sales, Public Postal Services, Transportation services, Betting and gaming.


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