The Barbados Customs and Excise Department is responsible for facilitating legitimate trade whilst enforcing the law. Barbados is a member of the World Customs Organisation (WCO), The World Trade Organisation (WTO) and the Caribbean Customs Law Enforcement Council (CCLEC). The two types of classification of goods in use are:
The Harmonised Commodity Description and Coding System (HS) of tariff nomenclature is an internationally standardized system of names and numbers for classifying traded products developed and maintained by the World Customs Organization (WCO).
The WTO agreement on customs valuation aims for a fair, uniform and neutral system for the valuation of goods for customs purposes – a system that conforms to commercial realities, and which outlaws the use of arbitrary or fictitious customs values.
The four main import taxes are:
- Import Duty
- Environmental Levy
- Excise Tax and
- Value Added Tax
Import Duty ranges from 0 per cent to 20 per cent of the CIF (Cost + Insurance + Freight) value on most items. There are some exceptions which include bound rates which range from 40 per cent to 196 per cent on specified agricultural and manufactured products.