“BARBADOS IS not a shady place for shady people”, was the terse response from Minister of International Business Donville Inniss to Canada’s recent announcement that it was going after “tax havens” with vigour.
The Canadian government is pumping more than CAN$444 million (BDS$686m) over five years to seek out tax evaders who are allegedly stashing billions of dollars in offshore financial jurisdictions.
Barbados, with its low tax regime, has been the top destination for Canadian investors attracting $79.9 billion (BDS$123.4b) last year, up 14 per cent on 2014.
But Inniss is maintaining that Barbados is not a tax haven, described as secretive destinations susceptible to money laundering, and will not retreat from Canada’s relentless pursuit.
Please read the full story in today’s Sunday Sun, or in the eNATION edition.