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| Barbados Working On Tax Transparency |
by Amanda Banks, Tax-News.com, London
Tuesday, May 01, 2012
Barbados's Minister responsible for International Business, George Hutson has denied
recent claims from the island's business association that the government has failed
to do enough to prove to the OECD
that it has implemented the reforms necessary to exchange tax information in line
with international standards.
The minister clarified on November 7 that the government has "met all
deadlines stipulated". He admitted that in the Global Peer Review Group
report of January 2011, two elements of Barbados's frameworks for the exchange
of tax information were seen lacking, but that four other areas were confirmed
to be in place.
Hutson said Barbados's placement in the group of countries which had not progressed
to a Phase Two review was as a result of tax agreements that had been signed
and ratified by Barbados but had not yet been ratified by the co-signatory country,
which meant that Barbados was at that stage unable to properly be assessed on
its implementation of the international standards.
The Minister explained that Phase One of the review is an assessment of the
country's legislative and regulatory framework while Phase Two assessments are
an analysis of information exchange frameworks in practice.
“Barbados has always positioned itself as a jurisdiction interested in,
and capable of, exchanging tax information with its treaty partners. Barbados
is, therefore, pleased that the Global Forum will soon test the ability of jurisdictions
to exchange tax information,” Hutson stated.
“To date, Barbados…has in force 21 double taxation treaties with
major countries and trading partners including the US, Canada, UK and China,
as well as Panama, Luxembourg and Spain.”
Agreements between Barbados and Ghana, and Barbados and Portugal are currently
awaiting ratification. Agreements with Vietnam and Belgium are yet to be signed.
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