Operators within the International Business and Financial Services Sector (IBFSS) can expect some changes in the coming months as Income Tax and Insurance Tax exemptions will soon be introduced.
Minister of International Business, Donville Inniss has revealed that these are among some of the changes and upgrades which will be implemented soon within the IBFSS sector.
Speaking recently at the Institute of Chartered Accountants of Barbados (ICAB) Annual Conference at the Lloyd Erskine Sandiford Centre, the Minister said he was aware of the challenges facing the sector and would be addressing them by implementing adaptive strategies that would enhance competitiveness in the sector.
???We have passed the parliamentary hurdles in terms of debates in the Lower House and in the Senate, where we dealt with the Miscellaneous International Business Bill??? this has passed Cabinet and is currently at the Chief Parliamentary Counsel???s Office???proposed amendments to the Income Tax and Insurance Act to provide for what we call warranty business to be granted exemptions here in Barbados…
“???Additionally, Limited Liability Partnership (LLP) legislation is currently being drafted to modernise our partnership arrangements; Incorporated Cell Company legislation is being drafted to offer yet another flexible investment vehicle,??? the Minister said.
Mr. Inniss disclosed that in the coming months his Ministry would be examining arrangements for online applications and licensing of entities in the same vein as the Corporate Affairs and Intellectual Property Office do name searches and will move in future to facilitate online incorporations.
He said that ???this was at an advanced stage??? and he expected that when Parliament resumed in late October, they would be debating amendments to seven pieces of legislation.
Mr. Inniss further added that a new strategic plan has been developed charting the path for the sector over the next five years. He said his Ministry was working in collaboration with the Ministry of Labour, Social Security and Human Resource Development in commissioning a Manpower Needs Assessment Survey for the International Business Sector.
???It is envisioned that this survey will identify the varied (academic and professional) skills set required for the present and future development of this critical sector.???
Before a room of mainly accountants and lawyers, the Minister said: ???My Ministry, in association with other stakeholder agencies, continues to focus on the development of an integrated approach to marketing and promotion at the domestic level and internationally as well, refashioning our regulatory frame-work, creating a new dynamism in the development of policies for the sector as well as placing renewed emphasis on product formulation and development.
???We have made provision for Private Trust Companies and Foundations which allows for the creation and use of Private Trust Companies, another financial vehicle through which Trusts might be managed by family members within the same group. My ministry is also actively seeking to ensure that new Mutual Funds Legislation is soon introduced,??? he noted.
The Minister also informed participants that his ministry was committed to ensuring that individuals and companies doing business in Barbados would be facilitated and he urged operators in the sector to produce new products and services and to continue to invest in their human capital.