Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

The country also provides incentives for specific sectors such as agriculture, culture industries, renewable energy and manufacturing. This is done to attract more focused levels of investment in these areas. Some of these incentives include: • Market Research and Development Allowance - Manufacturers are entitled to an allowance of 150% of the expenditure incurred for the purpose of promoting export sales; • Tax Concessions - With respect to the conservation of energy, concessions include a 150% deduction of actual expenditure, not exceeding BBD$5,000 each year for five years in respect of the following: energy audits, 50% of the cost of retrofitting or installing systems to produce electricity from sources other than fossil fuels; tax holiday of 10 years is available for developers, manufacturers and installers of renewable energy systems and energy efficient products. • Agricultural Rebates and Duty-Free Concessions - Rebates and duty-free concessions including on live animals, planting material, machinery & equipment (including irrigation), agricultural chemicals, veterinary medicament, hand tools, organic farming, computer programmes and product & waste treatment systems. • Income Tax Concessions- Includes duty-free importation of building materials and equipment during construction and rehabilitation, duty-free importation of supplies for refurbishment of hotels, restaurants, villas and sports and recreation facilities for tourism purposes. See https://www.investbarbados.org/legislation/tourism-development-act cap-341/ for the Tourism Development Act. • Cultural Industries Development Fund - This facilitates the financing of cultural projects and programmes; provision of non-repayable grants to creative practitioners to enable them to participate in local and overseas activities, training, marketing and export and product development. See https://ncf.bb/ • Duty and Tax Concessions - This incentive apples to global education and the establishment of education institutions. Exemptions apply to the build-out and set-up phases including from payment of import duties and VAT on supplies out of a bonded warehouse; from payment of VAT on professional services that directly relate to the development and operations of the school, from any withholding taxes on the payment of dividends to non-resident shareholders of the University (Barbados) Inc., and from payment of corporation tax, among others. For more information contact: InvestBarbados Email: info@investbarbados.org

Investment Framework in Select CARIFORUM Countries

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