Barbados has assured its business community that the repeal of the Companies (Economic Substance) Act will not impose new taxes or additional compliance burdens on domestic firms. Senator Lisa Cummins, Minister of Energy and Business Development, emphasized that the global minimum tax regime and economic substance rules apply only to large multinational corporations earning approximately €750 million annually. Since the majority of Barbadian companies fall below this threshold, they are exempt from these requirements. Senator Cummins clarified that businesses will continue to pay the existing corporate tax rate of 9 to 9.5 percent, and the reform aims to simplify administration by consolidating reporting under the Barbados Revenue Authority (BRA). Transitional rules remain in effect for the 2024 fiscal period, with full implementation of the consolidated regime starting in 2025. Only shipping, insurance, and intellectual property sectors face heightened compliance requirements. The government is also advancing transparency reforms, including the introduction of a Beneficial Ownership Register and negotiating updated double taxation agreements to strengthen Barbados’ global business credibility.