A delegation of Barbados government officials travelled to the United States at the weekend to begin discussions on the renegotiation of the tax treaty between the two nations.
Reports in the Barbadian media have indicated that the primary reason behind the decision to renegotiate the treaty is the growing resentment amongst many Americans over the corporate inversion phenomena, which takes place when a US company relocates to an offshore financial centre in order to shelter overseas profits from US taxation. Whilst most of the nation's vitriol seems to have been directed at Bermuda in recent months, Ben Allindel, a managing partner at Ernst & Young, told a tax seminar on the island that Barbados was now being singled out for similar treatment by the US.
According to the Barbados Advocate, Allindel observed that "the USA for some reason has become very upset with Barbados and placed the spotlight on Barbados, which is why we are about to embark on the renegotiation of the tax treaty with the USA.”
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