On April 1 2014, the Barbados Revenue Authority (BRA), a statutory corporation was established to function as the central revenue collection agency for government. As such, The Barbados Customs and Excise Department came under the BRA umbrella. Customs and Excise is responsible for facilitating legitimate trade while 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). There are two classifications of goods in use:
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.
Barbados has four main import taxes: Import Duty; Environmental Levy; Excise Tax and Value Added Tax. Import Duty ranges between 0 and 20 per cent of the CIF (Cost + Insurance + Freight) value on most items. There are some exceptions which include bound rates that range from 40 per cent to 196 per cent on specified agricultural and manufactured products.