BARBADOS is defending its record in dealing with international tax and financial regulators.
However, at the same time, it is not at all happy with industrialised nations whose policies and legislative reforms influence tax administration and regulation in developing countries.
Minister of Finance Chris Sinckler, speaking at the opening of the five-day Commonwealth Association of Tax Administrators (CATA) 37th Annual Technical Conference yesterday at Hilton Barbados, said the sovereignty of countries with similar economies to Barbados could be threatened and compromised because of certain demands from those global tax administrators.
He said that over the past 15 years Barbados had updated its legislative and administrative functions not just in an effort to comply with new and evolving norms for tax regulation and transparency, but to build an “efficient and proficient tax administration system in the country”. (GC)
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