The government of Barbados intends to "vigorously pursue" the expansion of its treaty network in 2008, a government official announced on Tuesday, following the recent signing and entry into force of a Double Taxation Agreement between Barbados and the Republic of Seychelles.
According to the official from the Ministry of Foreign Affairs, Foreign Trade and International Business, the Barbadian government is keen to expand its tax treaty network in order to "cultivate strategic business alliances which would benefit both this country and the other contracting states”.
"It is expected that more of these agreements will be concluded in the near future as Brazil, South Africa, Ireland, India, Malaysia, Nigeria, Belgium, Russia, Czech Republic, Chile, Colombia and Argentina have been targeted for negotiations," the official revealed.
In keeping with the specific objectives outlined in its International Business Strategic Plan 2007-2012, on 19th October, 2007, the government of Barbados and the Republic of Seychelles signed a Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains. This agreement was gazetted by the government of Barbados on 28th February, 2008, in completion of its ratification process.
In addition, Barbados was notified by the Government of Seychelles that on 21st April, 2008, it had completed its ratification process as required by law.
The Agreement will apply to income tax on taxable income derived on or after the first day of January 2009.
The Barbados government has announced that the negotiation of these agreements is a critical element of a framework for developing substantial trading opportunities, noting that they facilitate joint ventures, reduction in taxes and business-related costs, exchange of tax information, and reduction of fiscal impediments to cross-border trade and investment.
Barbados is seeking to promote itself as a key international business and financial services centre. Its distinction as a service economy and a strategic base for onward investment into other markets has made it an attractive jurisdiction for conducting business.
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