New Developments in Barbados
by Anthony Murty
Stamp Duty and offshore sector
	The Stamp Duty (Amendment) Act 2005 introduces amendments to the Stamp Duty Act (Cap. 91) to make provision for the exemption from stamp duty payable on a charge or pledge created by the shareholder or member of the society respectively as security for the performance of an obligation arising outside of Barbados, on
(a)	The shares of International Business Companies; or
(b)	on the quotas of International (formally “Exempt”) Societies With Restricted Liability
Proposed amendments to the licence fee provisions for IBCs and SRLs 
	A Bill to introduce the International Business (Miscellaneous Provisions) Act 2005 proposes amendments to;
(a)	The International Business Companies Act (Cap.77) by changing the provisions relating to the late application for annual renewal of licence normally payable before the previous 31st December, to facilitate the automatic renewal on payment of the penalty equal to the fee (Bd$500) if application is submitted no later than 1st February in the year; and to allow the reinstatement within 5 years of date of expiration of the licence on payment of the prescribed reinstatement fee. (Not yet prescribed).
(b)	The Societies with Restricted Liability Act (Cap. 318B) introducing similar provisions to those proposed for the International Business Companies in (a) above.