Barbados will continue to maintain its reputation as a domicile for serious business and the preferred domicile for international business transactions.
And, International Business Minister, Donville Inniss has further contended that this country continues to be a major global player when it comes to addressing transparency issues.
He made these comments on Wednesday at the signing ceremony of a Multilateral Convention on Mutual Administrative Assistance in Tax Matters at the Hilton Barbados Resort.
Before an audience that included Chair of the Global Forum, Kosie Louw, the Minister explained that while the tendency was to focus more on bilateral relations, Barbados engaged in Tax Exchange Information Agreements. He added that what Barbados has sought to do now with the signing of the convention is to ensure that it operates more from a multilateral environment.
???We certainly have in our own domestic sphere brought the appropriate level of legislation, regulations and enhancement of the capacity of our competent authorities to collect information and to share??? We operate in an arena that is very dynamic and we always seek to help shape the rules and to be part of the work going forward on these matters,??? he stated.
Noting that Barbados was the 74th signatory to the Convention, Mr. Inniss said that this meant there were 73 other countries with which Barbados could exchange information.??Another part of the process, he added, involved having a designated competent authority, a role assigned to the Barbados Revenue Authority by the Minister of Finance.
???So, this is a very significant step for Barbados. It certainly helps to solidify our reputation as a domicile of choice and of serious and professional work. I believe that our partners in the international business sector, the Barbados International Business Association, and their constituents will find great satisfaction in this, because it is all part of creating an enabling environment in which they can do business,??? he emphasised.