AN EXPERIENCED tax planner is advising Barbados to engage the Organisation of Economic Cooperation and Development (OECD) which has blacklisted some countries for failure to comply with the Base Erosion and Profit Shifting (BEPS) project.
BEPS was implemented by the OECD, a grouping of industrialised countries, to address the legal movement of corporate profits artificially from their domiciles.
“We need to engage early with the OECD to ensure we can maintain a business climate which works for our companies here but also stays within the parameters that the OECD wants,” David Prestwich told the DAILY NATION.
Prestwich, tax partner with PwC Barbados, was the guest speaker on Wednesday at the monthly luncheon of the Barbados Chamber of Commerce and Industry (BCCI). He was speaking on the topic Global Tax Reform – How Do We Respond?
Prestwich noted that although countries had sovereignty over their taxation regimes, the OECD appeared settled on its implementation of BEPS.
He told a packed room of business executives at the Hilton International hotel: “The problem is we haven’t really got time to put the world on pause while the articles of BEPS are aligned and implemented, plus governments have other things going on. (HH)
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