Barbados Welcomes Czech Double Tax Pact

by Jason Gorringe, Tax-News.com, London

28 October 2011

The Barbados government announced on October 27, 2011, the signing of a convention for the avoidance of double taxation with the Czech Republic.

Barbados Attorney-General, and acting Minister of International Business, Adriel Brathwaite signed the agreement with the Czech Ambassador to Barbados, Edita Hrda. Welcoming the signing, Braithwaite said the agreement "symbolizes the efforts of [the] government to strategically enhance investment flows between both countries, and deepen our bilateral relationship".

Under the agreement, those undertaking investment and trade between the two territories will receive the legal certainty that their investments will not be taxed twice. Hrda said the agreement would be a catalyst to kickstart bilateral trade relations between the two countries. Barbados currently represents the Czech Republic's largest trade partner in the Latin America and the Caribbean region, Hrda said.

According to the government, historically, Barbados's major domestic exports to the Czech Republic have consisted of: contact lenses; spectacles and goggles; rum; articles for packaging and lenses for glasses. Principal imports from the Czech Republic have included motor vehicles; tyres; and other accessories for motor vehicles.

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