Barbados and the United Arab Emirates (UAE) recently signed a Double Taxation Agreement (DTA) which could significantly enhance trading opportunities between the two countries.
The signing, which took place on Monday, September 22, at the United Nations General Assembly in New York, saw Barbados??? Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean, co-initial the agreement with Minister of State in the Cabinet of the United Arab Emirates, Reem Al-Hashimy.
According to a statement from the Ministry of Foreign Affairs, the signing ???heralds a significant stride in the strategic policy of the Government of Barbados to enhance trading opportunities, whilst expanding our international business reach into that region of the world where we already have a DTA with Qatar???.
It continued: ???This DTA, together with Barbados??? expanding network, would allow investors the opportunity to seriously consider Barbados as a base from which they can structure and conduct their business operations to become more globally competitive.???
It is expected that the DTA will help to foster closer economic, social and cultural ties between the UAE and Barbados.??The expansion of Barbados??? tax treaty network is a key strategic factor in the development of the country as an international business and financial centre.
Government has signalled its interest in continuing to use various strategies with the support of its strategic partners to expand its treaty network in Latin America, Asia, the Middle East and Africa. Once both Barbados and the UAE complete their procedures to implement the agreement, Barbados will have 35 active DTAs, which include treaties with its major trading partners the United States, Canada, the United Kingdom and CARICOM.
theresa.blackman@barbados.gov.bb