Barbados will soon have a prime opportunity to solidify its position as a legitimate, well-regulated, international financial services centre, when it hosts the Eighth Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes, from October 28 to 30.
This disclosure came from Deputy Permanent Secretary (DPS) in the Ministry of International Business, Sonia Foster, as she delivered the feature address on behalf of International Business Minister, Donville Inniss, at a reception at the Fairmont Royal Pavilion Hotel to open International Business Week.
Ms. Foster stated that with the constant issue of tax blacklists, Barbados needed to promote and maintain its image, part of which was to protect its livelihood and that of the Caribbean region.?????We, therefore, should speak with one voice against such onslaughts on our reputations, rather than trying to fight these battles as our own,??? she maintained.
The DPS explained that the Global Forum was now the premier international body which ensured that the international standard for transparency and exchange of information is implemented by countries on request of information. The Forum, she said, now consisted of 126 member countries, and it was anticipated that approximately 250 persons would visit our shores to attend the meeting.
Ms. Foster also pointed out that notwithstanding these recurrent challenges, Barbados continued to make itself an attractive jurisdiction, while recognising the need for appropriate regulatory systems. ???We have recently enacted and proclaimed the Private Trust Companies Act which allows for the creation and use of Private Trust Companies, another financial vehicle managed by family members within the same group,??? she mentioned.
Noting that the establishment of a professional service providers??? regime will bring Barbados in line with other International Financial Centres, the DPS assured those gathered that the Ministry of International Business would work with all service providers to ensure that the transitioning to the new regime will be as unencumbered as possible.
The theme for International Business Week is International Business Barbados???Embrace the Opportunities.