The signing of a Double Taxation Agreement (DTA) between Barbados and Guatemala could help to facilitate greater business interests being exploited between the two countries.
Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, expressed this view recently when Guatemalan Ambassador, Giovanni Castillo paid him a visit at his Reef road office.
He stated that Barbados prided its self as being a country that is very attractive for International Business and Financial Services, and proof of this was the fact that of the many companies from all over the world who used this country as their headquarters or had established a corporate structure here.??The Minister told the Ambassador that Barbados certainly recognised Guatemala as a country with which we would want to have a DTA.
???We see this as a way of naturally creating the kind of environment to facilitate more investment, we see it as one where some foreign direct investment going into Guatemala through Barbados because of our network of treaties with other countries, for example China, Canada and the United Kingdom??? It also helps to facilitate Guatemalan business people who may opt to come into places like Barbados and do business,??? he explained.
The Business Minister further pointed out that once we have our DTA and a bilateral investment treaty for the protection of assets in place it would create the right environment for people to do business and this was an area that should be pursued.
In turn, the Ambassador agreed and said he would welcome the opportunity for the two countries to work closer together given their long and rich history.??In addition, Mr. Castillo indicated that once all the formalities were exchanged it was important to get the dialogue going. Barbados and Guatemala established diplomatic relations on January 27, 1992.