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| TreatyPro: Online
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| Canada, Barbados Amend DTA |
by Mike Godfrey, Tax-News.com, Washington
Thursday, November 10, 2011
Canada and Barbados have inked a protocol to their existing double tax agreement,
designed to bring the treaty up to date with modern standards on the exchange
of information.
The Protocol updates the original Agreement, signed on January 22, 1980. It
includes provisions to ensure that Canada has an effective exchange of tax information
with Barbados in accordance with the internationally agreed standard developed
by the Organization for Economic Co-operation and Development. It is intended
that the Protocol will assist Canadian tax authorities in the administration
and enforcement of Canada’s tax laws.
According to the Canadian Finance Ministry, the revised treaty reflects the
government's strong resolve in pursuing efforts to improve tax fairness and
to prevent international tax evasion, and is consistent with government policy
as outlined in Budget 2007. In addition, the Protocol supports Canada’s
commitment as a G20 member to promote the effective exchange of tax information
and to protect its public finances and financial systems.
Announcing the deal, Finance Minister Jim Flaherty said: “This is another
step in Canada’s ongoing efforts to combat tax evasion and ensure greater
fairness for hard-working Canadian taxpayers. I would like to thank the government
of Barbados for working with Canada to create greater fairness for the people
of both our nations.”
Canada and Barbados will notify each other once their respective domestic implementation
procedures are complete. The Protocol will enter into force on the date of the
later of these notifications.
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report2.asp
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Reports are available for immediate downloading or as subscription
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