Wednesday, April 17, 2024

BIBA rejects charge

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The Canadian Government’s latest release of overseas investment data has sparked new accusations that Barbados is a tax haven. But the Barbados International Business Association (BIBA) has dismissed the charge as “nonsensical”, “inflammatory and inaccurate”.

Statistics Canada announced that Canadian “direct investment abroad” reached more than CAN$1.2 trillion by the end of last year, a 10.4 per cent increase, with Barbados receiving the fourth largest amount – CAN$$64.8 billion.

In response, Toby Sanger, executive director of Canadians For Tax Fairness, a “fair tax” interest group, asserted the authorities there “clearly haven’t fixed its multi-billion-dollar problem of tax haven use”.

“Despite all the leaks and claims of action to crack down on tax havens, corporate Canada’s use and abuse of tax havens continues to grow”, he said.

“Government, by channelling funds to low-tax jurisdictions, corporations and wealthy investors continue to enjoy all the benefits of living in Canada without fully contributing to the very services and programmes they use. We clearly need both tougher enforcement and tougher laws.”

Sanger also said: “In this election year, we certainly hope federal political parties will make commitments to seriously address tax dodging by wealthy and large corporations, concluded Sanger.”

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