WorldTax Compareโ† All Comparisons

Latvia vs Barbados
Tax Rate Comparison

Enter your income below for a personal tax estimate, then scroll down for full rate breakdowns.

๐Ÿ‡ฑ๐Ÿ‡ป Latvia
vs
๐Ÿ‡ง๐Ÿ‡ง Barbados
Tax Year:

๐Ÿ’ฐ Personal Income Tax Calculator

Enter your income to see your estimated annual tax liability in each country โ€” side by side.

Enter your annual income above to see your personal tax comparison โ†’
Individual Income Tax (Top Marginal Rate)
Top Income Tax Rate
20โ€“31%
31% top; NATO spending affecting fiscal balance
No change
12.5โ€“28.5%
28.5% top; competitive Caribbean jurisdiction
No change
VAT / GST / Sales Tax
VAT / GST / Sales Tax
12โ€“21%
21% standard maintained
No change
17.5%
17.5% stable
No change
Corporate Tax Rate
Corporate Tax Rate
20%
20% distributed profits; Pillar Two active
No change
5.5โ€“9%
Tiered rate; Pillar Two compliance for large groups
No change
Capital Gains Tax
Capital Gains Tax
20%
20% as income
No change
0%
No CGT โ€” sustained advantage
No change
Social Security & Payroll
Social Security / Payroll
~35.09%
Contribution rates stable; pension II pillar growing
No change
~18.1%
NIS contributions; pension reform needed
No change
State, Regional & Local Taxes

๐Ÿ‡ฑ๐Ÿ‡ป Latvia โ€” Municipal Income Tax

Latvia's 119 municipalities levy a local income tax portion โ€” 80% of income tax goes to municipalities, 20% to the state. The effective split means municipalities directly benefit from local earnings. Property tax (nekustamฤ ฤซpaลกuma nodoklis) is set by municipalities at 0.2%โ€“3% of cadastral value. Latvia uses the progressive income tax system introduced in 2018 (replacing the flat 23%). Vehicle tax and business risk duty are national.

๐Ÿ‡ง๐Ÿ‡ง Barbados โ€” Parish Councils & Land Tax

Barbados's 11 parishes have parish councils that levy land tax at 0.1%โ€“0.7% of site value. Barbados has long been a significant international business and financial centre, particularly for Canadian companies. Major tax reform in 2019 aligned Barbados with OECD BEPS standards. A tiered corporate tax rate structure was introduced. Barbados was removed from the EU tax haven blacklist following these reforms and maintains competitiveness as an IFC.

โš ๏ธ Disclaimer: Rates shown are standard top/headline rates for informational purposes. Actual tax liability depends on income level, residency, deductions, and tax treaties. 2025โ€“2026 data reflects announced or enacted rates and may be subject to change. Not financial or legal advice.

Latvia vs Barbados: Key Tax Differences (2026)

๐Ÿ’ฐ Income Tax: ๐Ÿ‡ฑ๐Ÿ‡ป Latvia has a higher top income tax rate (20โ€“31% vs 12.5โ€“28.5%). ๐Ÿ‡ง๐Ÿ‡ง Barbados is more favourable for high earners.

๐Ÿ›’ VAT/Sales Tax: Latvia has a higher consumption tax (12โ€“21% vs 17.5%).

๐Ÿข Corporate Tax: ๐Ÿ‡ง๐Ÿ‡ง Barbados offers a lower corporate rate (9% vs 20%), which can influence business location decisions.

๐Ÿ“ˆ Capital Gains: ๐Ÿ‡ง๐Ÿ‡ง Barbados taxes investment gains at a lower rate (0% vs 20%), benefiting investors.

Related Comparisons

๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡จ๐Ÿ‡ฆ CanadaTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡ช๐Ÿ‡ช EstoniaTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡ฉ๐Ÿ‡ช GermanyTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡ฑ๐Ÿ‡น LithuaniaTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡ธ๐Ÿ‡ช SwedenTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡ฌ๐Ÿ‡ง United KingdomTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡บ๐Ÿ‡ธ United StatesTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡ฆ๐Ÿ‡น AustriaTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡ง๐Ÿ‡ช BelgiumTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡จ๐Ÿ‡พ CyprusTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡ฉ๐Ÿ‡ฐ DenmarkTax comparison๐Ÿ‡ฑ๐Ÿ‡ป Latvia vs ๐Ÿ‡ซ๐Ÿ‡ฎ FinlandTax comparison