Category: Barbados

Tax haven label haunts Barbados

There is a worrying perception of Barbados on as a tax haven, a view that is hampering the island’s status as a jurisdiction in which to do business, says President of the Barbados International Business Association (BIBA) Gregory McConnie. Equally troubling, McConnie says, is that Barbados’ primary investing jurisdiction, Canada,...

Government, Opposition to meet on FACTA legislation

PORT OF SPAIN, Trinidad, Sept 10, CMC – Government and opposition legislators are to meet here on Monday as the deadline for meeting the September 30 deadline for passing the Foreign Account Tax Compliance ACT (FATCA). Caribbean financial executives have in the past bemoaned what they deem as an uneven...

Tax Agreements: From Double Taxation To Double Evasion

The issue of tax havens is inherently international in scope. As a result, the government can use tax agreements to fight tax avoidance schemes. Unfortunately, tax agreements haven’t been used for that purpose. On the contrary, they have facilitated the outflow of Canadian money to offshore financial centres, and have...

13 States Sign Up To OECD’s New Tax Info Exchange Standard

Thirteen jurisdictions signed the OECD Multilateral Competent Authority Agreement (MCAA) at a meeting on October 29-30, 2015, in Barbados. In joining the MCAA, the territories commit to automatically exchange tax information with other nations’ tax authorities under the OECD’s new tax information exchange standard, the Common Reporting Standard. A total...

OECD: Global Forum on tax transparency pushes forward international co-operation against tax evasion

Major implementation milestones are being met by members of the world’s leading forum on tax transparency as the international community continues to move ahead towards greater tax transparency. The imminent shift to the automatic exchange of information will send a strong warning to tax evaders. Significant strides towards a major...

PM: Tax haven label not fair

BARBADOS’ RECENT BLACKLISTING as a tax haven by some member states of the Organisation for Economic Cooperation and Development (OECD) has shown the arbitrary and inconsistent nature of such actions. And, said Prime Minister Freundel Stuart, a mechanism must be developed to ensure that countries which are pursuing the recommendations...

D.C.’S Bahamas Blacklist Branded ‘Inconsequential’

A former financial services minister yesterday branded as “inconsequential” concerns over the District of Columbia’s (DC) pending ‘tax haven’ blacklisting of the Bahamas and 16 other Caribbean nations. Ryan Pinder, now a senior executive at Deltec Bank & Trust, was responding to concerns raised by Opposition finance spokesman, K Peter...

Commentary: The View from Europe: Little time left to act on US tax bill

The Caribbean has just 18 congressional working days from Sunday September 20 to try to have the US Congress or the District of Colombia address an act naming 17 Caribbean nations as “tax havens”. If passed without amendment it could have the effect of reputationally damaging the countries concerned with...

THE ISSUE: ‘Bowing’ to global pressure

IN THE LAST TEN YEARS the international community has tried to pressure Barbados into signing tax information exchange agreements. Successive administrations, however, have resisted by continuing to show preference for double taxation treaties. That has not stopped the pressure, and some would argue that in some ways the global players...

Barbados To Host FATCA Seminar

The Barbados Revenue Authority (BRA) will host a public seminar this week entitled “Implementing the Foreign Account Tax Compliance Act: Where Are We Now?” The event will provide representatives and employees of financial institutions who do business with US persons with an update on the US Foreign Account Tax Compliance...

Barbados: Its Systems Validated

During 2014, Barbados again produced strong evidence of the underlying strength of its financial system. All of the financial stability indicators and stress tests performed for the financial system strongly indicate that the system remains stable with the capacity to withstand a wide variety of severe economic shocks. It is...

Barbados Gov’t moving to close loopholes on tax evasion

BRIDGETOWN, Barbados (CMC) – The Barbados Government says it will not tolerate businesses operating within the international business and financial services sector engaging in tax evasion practices here and is seeking support from the Paris-based Organization for Economic Cooperation and Development (OECD). Commerce Minister Donville Inniss, speaking in Parliament Tuesday,...

Bombardier among companies using legal tax havens at expense of home country

MONTREAL – The problem is not that Bombardier Inc. played a complex shell game since at least 2010 by refinancing and redirecting US$500 million of its financing activities to Luxembourg, a notorious tax haven. It’s that it does so legally — and is hurting its home country despite being one...

Barbados Agrees To Enter FATCA Talks

International Business Minister, Donville Inniss recently announceed that the Barbados Government and the United States of America have agreed to start negotiations with respect to an Inter-Governmental Agreement (IGA) that will give effect in Barbados to the provisions of the Foreign Account Tax Compliance Act (FATCA). FATCA, enacted by the...