Barbados will sign a tax treaty agreement with the Organisation for Economic Cooperation and Development (OECD) in Paris on Wednesday.
An official statement said that Industry, International Business, Commerce & Small Business Development Minister Donville Inniss, who is heading a delegation to the French capital, will sign the Multi-lateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (Base Erosion and Profit Shifting).
The statement said that Inniss will also address the ceremony “and engage with officials with a view to strengthening Barbados’ relationship and international image”.
It said that between December 5, last year and now, Barbados has also forged ahead with engendering a Caribbean initiative to these very real and present issues.
“It is recognised that in this current environment of regulation and tax transparency, the region must be positioned to have a corporate approach in structuring itself accordingly,” the statement noted.
The statement also made reference to the decision by the European Union to remove the island from a global list of tax havens outlining the steps taken by Barbados government.
“It is important to note that while this augurs well for Barbados, the jurisdiction remains committed to the work that lies ahead. Barbados continues to forge ahead in ensuring that it is a well-regulated jurisdiction that is well-known internationally for compliance with international standards whilst positioning itself to be a jurisdiction of choice in the international financial services sector.
“This is critical as this sector is crucial to the sustainability and growth of this island’s economy and the enhancement of its standard of living and social advancement,” the statement added. (CMC)
