Bilateral Tax Treaty Signed with Czech Republic

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The??Signing of the Double Taxation Agreement between Barbados and the Czech Republic by Acting Minister of International Business and International Transport,??Adriel??Brathwaite and the Ambassador of the Czech Republic to Barbados,??Edita Hrda today at the Ministry of International Business and International Transport. (C.Pitt/BGIS)??

Barbados has entered into a Double Taxation Agreement (DTA) with the Czech Republic.

Attorney-General and Acting Minister of International Business and International Transport, Adriel Brathwaite, signed the official documents at the Government’s Warrens Office Complex this morning.?? In his remarks, he said the agreement "symbolises the efforts of [the] Government to strategically enhance investment flows between both countries and deepen our bilateral relationship."

The Minister reported that the DTA, as envisioned by Government, would boost trading opportunities and eventually increase economic prosperity for the citizens of both countries.?? He noted it would also facilitate "tax cooperation and cross border trade in goods and services, while ensuring that the treaty partners are able to recognise the monetary benefits of private sector driven commercial activity."

Ambassador of the Czech Republic to Barbados, Edita Hrda, described the agreement as a catalyst for the development of bilateral relations between the two countries. "Barbados, for us [the Czech Republic] is a strategic partner in this part of the Caribbean and Latin America because you are really our biggest trade partner," she said.

The Czech Ambassador highlighted some of the benefits Barbados would see including Czech investors coming to the island to do business.?? With respect to tourism, she noted: "The Czechs are enthusiastic travellers, so they are discovering the Caribbean and Barbados and I think this is very important for our relations."

Between 2001 and 2005, Barbados’ major domestic exports to the Czech Republic consisted of: contact lenses; spectacles and goggles; rum; articles for packaging and lenses for glasses. Principle imports from the Czech Republic included: motor cars; tyres for buses and lorries; herring-bone tyres for tractors; tyres for motor cars’ good vehicles; and other accessories for motor vehicles.

Moreover, Ms. Hrda declared: "The only one thing we have now to hope is that our businessmen and your businessmen will take it seriously and they will see the open door to both of our countries."

alicia.griffith@barbados.gov.bb

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