Barbados Pushes International Business Following OECD Delisting

by Amanda Banks, Tax-News.com, London

22 February 2002

The Barbadian Minister for Industry and International Business, Reginald Farley, announced earlier this week that the jurisdiction is not prepared to 'rest on its laurels' following its removal from the OECD blacklist, and will be aggressively promoting itself as a centre for international business.

Speaking to the Barbados Advocate, Mr Farley stated that if the Caribbean jurisdiction fails to take advantage of the opportunities afforded by its delisting, the victory will be a shallow one. He added that the primary aim of promoting the country as a location for international business is to provide jobs for Barbadian citizens and to increase tax revenues, and that until those two objectives have been fulfilled, there is nothing to celebrate.

The Barbados International Business Association (BIBA) welcomed the Minister's comments, although it noted that efforts to market Barbados to the global business community in the past had been somewhat fragmented, and cautioned against this approach in the future.

BIBA President George Gleadall observed that it is essential for Barbados to maintain its current clean reputation, high standards of regulation, and independence, and to continue to develop its network of treaties with other countries.

This would appear to be a priority for the Government as well, and speaking in early February prior to the jurisdiction's removal from the OECD list, Mr Farley announced his intention to immediately conclude negotiations with Canada over the stalled Canada-Barbados Tax Treaty, and to continue to pursue tax-sparing agreements with other OECD members.

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