About us
Eastmond & Co.is a full service law firm with Attorneys who specialise in both civil litigation and criminal litigation. We also handle non-contentious matters in all aspects of law including international business, corporate, taxation, conveyancing, family and estates.
UPDATES
New Data Protection Act for Barbados
April 26, 2021
- The Parliament of Barbados passed the Data Protection Act in 2019. The legislation is yet to be proclaimed.
- The Act protects individuals from negligent or reckless handling of their information by those who collect, hold or process that information.
- Consent is now required for taking that information.
- If there is any disclosure of information and the individual suffers any harm s/he is entitled to compensation.
- Data controllers or processors are required to register. If they do not register they are liable to a fine of $10,000.00.
- In order to protect the individual there is a regulatory framework for those who collect, hold or process information are properly regulated. The data controller/processor must put in place security measures commensurate with the risk associated with the data. The Entity must also develop binding corporate rules containing the entity’s data protection policy.
- The legislation establishes a Data Protection Commissioner along with Staff responsible for administering the Act. The largest penalty is $500,000.00 for failing to respect the individual’s right to have his personal information protected.
- There is also a Data Protection Tribunal which deals with any matters of litigation arising out of the Act such as appealing decisions of the Data Protection Commissioner
Appropriation Act 2021
March 15, 2021
- $1,682,795,117 has been allocated for the supply of government services in Barbados from the consolidated fund.
- The sums are for the period April 1, 2021 to March 31, 2022.
- The largest sums have been allocated to: (1) Ministry of Transport, Works and Water Resources 110,164,376 (2) The Prime Minister's Office 138,198,389 (3) Ministry of Finance, Economic Affairs and Investment 169,555,867 (4) Ministry of Health and Wellness 272,016,442 (5) Ministry of Education, Technological and Vocational Training 313,102,359.
- Health and Wellness and Education are known traditionally to be the large spend ministries.
Barbados Identity Management Act, 2021
March 10, 2021
- This Act provides for the new identification cards for which Barbados has been waiting for some time.
- It provides for the establishment, maintenance and regulation of a National Identity Management System that facilitates the enrollment and re-registration of citizens of Barbados and persons who are not citizens of Barbados but who are legally resident in Barbados for a period of 6 months or more.
- It also allows for the compilation and maintenance of a database of these persons to be known as the National Register.
- There will be the issue of new identification cards and national identity credentials to each person registered in the National Register.
- It also facilitates the verification and authentication of identity information for all persons registered.
- It further provides for the preservation, protection and security of the data.
Amendment to Companies Act
- December 18th, 2020
- A bill to amend the Companies Act is scheduled to be debated in the Senate today.
- In order to comply with OECD and other requirements, the amendment will require companies (and their director, auditor, and affiliates) to produce books, records or other documents as requested by the Registrar.
- Penalties for non-compliance may be as high as fine of $100,000, imprisonment for 5 years, or both.
Grandfathered Entities
- October 15th, 2020
- All Grandfathered IBCs and ISRLs will cease to be so grandfathered after June 30th, 2021
- All applications for the Foreign Currency Permit relating to the IBCs and ISRLs that were grandfathered and earn one hundred percent of their annual income in foreign exchange, must be submitted to the Ministry of International Business and Industry between June 1st and June 15th 2021 to ensure quick processing.
Guidelines for Tax Filings of Grandfathered Entities
December 2020
- Companies registered under International Business Companies Act Cap. 77 (now Repeal by Act 2018-40); International Societies registered under the Societies with Restricted Liability Act Cap. 318B (now Amended by Act 2018-47); entities registered under the Exempt Insurance Act Cap. 308A and the Insurance Act Cap. 310 were given an option to be grandfathered where the most of the benefits and rights so enjoyed were saved until prescribed dates. The grandfathering period expires on 30 June 2021.
- Click here to view the Guidance Note PPG NO 09_2020_Transitioning Grandfathered Entities