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EU Funding To Boost Caribbean EPA Implementation 5/25/2012 The Caribbean Development Bank and the European Union have agreed to fund a multi-million facility to aid members of the Caribbean Community in implementing the necessary reforms to allow them to fully benefit from the preferential trade conditions provided for in the CARIFORUM-EU Economic Partnership Agreement.
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Barbados Targets US Investors 5/2/2012 Barbados's Prime Minister Freundel Stuart has highlighted the advantages of doing
business in the territory for United States investors as the US Chamber of Commerce
prepares to launch an office in the country this year.
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Barbados's Tax Transparency Framework Endorsed 4/27/2012 The Barbados government has welcomed recognition from the Organization for
Economic Cooperation and Development that its legislative and regulatory framework
for the exchange of tax information meets international standards.
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OECD Issues New Peer Reviews 4/5/2012 The Organization for Economic Cooperation and Development, publishing eleven new peer reviews, has said that the vast majority of territories which have been subject to critical assessments have implemented satisfactory legislative regimes that can facilitate the exchange of information on request.
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Barbados Publishes Credit Risk Management Rules 4/4/2012 The Central Bank of Barbados has noted the publication of a new set of Credit
Risk Management Guidelines to assist financial institutions in meeting their credit risk management
obligations.
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Guernsey Is Europe's Captive Domicile Of Choice 3/22/2012 Newly-published research from Business Insurance magazine shows that Guernsey
has extended its position as the largest captive insurance domicile in Europe
and remains number four globally.
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Barbados Modernizes Land Tax Administration 1/26/2012 Barbados has announced that it will soon roll out its online portal for taxpayers to view and pay their land tax bills online, although the system is not yet available for foreign property owners.
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UK, Caribbean Talks Focus On APD 1/25/2012 Leaders from Caribbean nations and the United Kingdom agreed at the end of a two-day summit an action plan to establish 'a new and improved strategic partnership to promote prosperity'. Importantly, the UK government committed to reopen negotiations to mitigate the impact of the UK's air travel tax on Caribbean territories.
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IMF Recommends Permanent VAT Hike For Barbados 1/25/2012 The International Monetary Fund has suggested that the Barbados government should raise more money from tax in reviewing
its medium-term fiscal strategy, aimed at eliminating the territory's deficit
by the fiscal year 2014/2015.
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Barbados Works To Defend International Image 1/16/2012 Barbados's Minister of International Business and International Trade, George Hutson
has noted the efforts made by the government to meet international standards to
ensure the continued growth of the country as an international financial centre.
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Barbados Seeks Prosperity Through Economic Diversification 12/29/2011 Barbados' Former Prime Minister and the nation's ambassador to China, Lloyd Erskine
Sandiford has warned the island that the days of preferential market access are
over, and Barbados must now urgently revamp its stance and actions to diversify
the economy, and in particular enhance its share of world trade.
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CARICOM Slams Sarkozy's Tax Haven Slur 12/12/2011 The Caribbean Community’s Council for Trade and Economic Development has publicly rebuked French President Nicolas Sarkozy’s characterization of three of its member states as 'tax havens'.
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Barbados Making Strides On Debt Reduction 12/9/2011 The International Monetary Fund has welcomed fiscal reforms put in place this year,
which have begun to address Barbados's severe indebtedness following the economic
crisis.
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Barbados Tops Caribbean In Anti-Corruption Report 12/9/2011 The Caribbean arm of Transparency International has published its 2011 Corruption
Perceptions Index for 2011, providing insight into the levels of corruption present in Caribbean territories, including those with international
financial centres.
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Barbados At Risk Of Rating Downgrade 11/25/2011 Barbados's BBB- credit rating could be downgraded to junk-grade status should authorities fail to implement the fiscal reforms needed to swiftly consolidate the island's budget.
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Canada, Barbados Amend DTA 11/10/2011 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.
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Barbados Working On Tax Transparency 5/1/2012 Barbados's Minister responsible for International Business, George Hutson has denied
recent claims from the island's business association that the government has failed
to do enough to prove to the OECD
that it has implemented the reforms necessary to exchange tax information in line
with international standards.
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Barbados Welcomes Czech Double Tax Pact 10/28/2011 The Barbados government announced on October 27, 2011, the signing of a convention
for the avoidance of double taxation with the Czech Republic.
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Barbados To Tap Latin American Trade Opportunities 10/27/2011 Barbados Minister of Tourism, Richard Sealy has welcomed the 'highly productive'
meetings held with officials and business leaders in Panama aimed at enhancing
bilateral trade and boosting tourism receipts for both countries.
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Barbados Explores Latin American Economic Synergies 10/19/2011 The Barbados government commenced a trade mission to Costa Rica and Panama on
October 18, aimed at realising the potential of the Caribbean Community-Costa
Rica Free Trade Agreement and to look at potential synergies between Barbados
and Panama, including in the field of financial services.
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Barbados Alerts Taxpayers To VAT Amnesty 10/12/2011 The Barbados Ministry of Finance has reminded taxpayers with outstanding value-added
tax balances that they can still normalize their tax affairs and gain 100% exemption
from the payment of interest and penalties.
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CARICOM Welcomes Progress Towards FTA With Canada 10/5/2011 Caribbean Community Secretary-General Irwin LaRocque has welcomed progress
towards the CARICOM-Canada Trade and Development Agreement, and praised Canada's
'keen and earnest approach'.
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Barbados Budget Unveiled 8/23/2011 'Uncertain economic times' have led the Barbadian Finance Minister to introduce a Budget full of new tax measures, as part of a plan to drive down the deficit and stimulate economic growth.
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Jamaica, Costa Rica Attempt To Move Trade Deal 8/19/2011 Jamaica and Costa Rica are attempting to press forward with the formal implementation of a seven-year-old free trade agreement, and have held talks designed to move the process along.
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Barbados To Merge Excise Acts 7/27/2011 Barbados is to overhaul the legislation governing the application of its excise tax regime, consolidating existing legislation on the collection of such taxes.
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Barbados Revenues Hit By Lower Tourist Spend 7/22/2011 Barbados's latest economic performance figures show that total tax revenues fell year-on-year, with issues in the tourism industry and a lack of business profitability making it hard for the government to meet its fiscal targets.
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Barbados Initials Nordic Treaties 7/4/2011 Barbados has initialled tax information exchange agreements with three Nordic territories, initialled a tax treaty with Iceland, and added protocols to three existing tax treaties.
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CARICOM To Discuss EU EPA 6/3/2011 The Caribbean Community is to press forward with its implementation of the European Union Economic Partnership Agreement, with an impending meeting expected to discuss the deal's intricacies.
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Barbados Pushing For Economic Recovery 5/27/2011 Barbadian economic recovery remains on track, as government plans take hold and ministers eye a new period of economic expansion, Finance Minister Chris Sinckler has said.
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CARICOM To Suspend Common External Tariff 5/27/2011 Members of the Caribbean Community look set to suspend their Common External Tariff in the battle against the rising cost of fuel and commodities in the region.
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Barbados Launches Competitiveness Programme 5/23/2011 Barbados has launched a four year Competitiveness Programme, designed to support business growth and innovation, lower operating costs, promote research and development and raise productivity.
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CARICOM Outlines Trade Negotiation Priorities 5/20/2011 As members of the Caribbean Community gather to discuss the region's external trade agenda, CARICOM has released a snapshot of what it calls the state of play of ongoing negotiations.
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Barbados On Growth Track, Says IMF 5/20/2011 While Barbados's economy is beginning its recovery, with growth expected to continue on a steady path, fiscal consolidation must remain the top priority, according to the International Monetary Fund's latest findings.
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CARICOM To Hold Talks On EU Trade Deal 5/11/2011 During an important upcoming round of talks, members of the Caribbean Community are to discuss the implementation of the CARIFORUM-EU Economic Partnership Agreement, which aims at establishing a trade relationship which promotes the gradual integration of the CARIFORUM countries into the world economy.
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Barbados International Business Sector Gets Boost 4/20/2011 Barbados's international business sector will see an improved performance during 2011, bolstered by efforts to promote the island's attractiveness as an investment hub, according to the Minister of International Business.
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IFC To Boost Caribbean Insurance Industry 4/13/2011 International Finance Corporation, a member of the World Bank Group, recently agreed to invest heavily in a Barbados-based insurance company, in order to bolster market confidence and aid the expansion of Caribbean insurance services.
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Offshore Banking Body Rebrands 4/11/2011 Having broadened its role as a representative on behalf of numerous offshore financial centres in issues pertaining to financial sector regulation and best standards, the
Offshore Group of Banking Supervisors has decided to rebrand itself the
'Group of International Finance Centre Supervisors’.
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Barbados Welcomes Expanding Trade Opportunities 4/8/2011 Improved trade ties with the United Kingdom, the United States and Canada will
be bolstered further by the signing of new landmark agreements, Barbados’s
Foreign Affairs and Foreign Trade Minister Maxine McClean announced at a recent business
luncheon.
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Barbados Sounds The Alarm On OECD Listing 3/24/2011 In a rare assault on the Organisation for Economic Cooperation and Development – the body responsible for enforcing tax transparency standards – Barbados has insisted it won’t 'roll over and play dead'
as the Organization attempts to blacklist the territory as 'uncooperative.'
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Barbados Senate Passes Tax Increases 3/15/2011 Barbados's Senate has passed a bill officially raising the country's value-added tax from 15% to 17.5%, as part of a series of Budget 2010 measures designed to tackle the country's record deficit.
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Barbados To Regulate Financial Services 3/15/2011 Barbados has established a Financial Services Commission, designed to regulate and supervise the operations of the non-banking financial sector.
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Luxembourg Approves Multiple Tax Treaties 2/8/2011 During a recent meeting, Luxembourg’s governing council adopted the bill
providing for the approval of bilateral tax agreements with Barbados and Panama,
as well as for the approval of amendments to multiple existing bilateral tax
treaties.
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Barbados Commits To Information Exchange 2/7/2011 The Prime Minister of Barbados, Freundel Stuart, has announced that in order to
fully implement Barbados’s national policy on transparency and demonstrate
its commitment to the G-20 endorsed standard on the exchange of information
for tax purposes, the Government will amend the Barbados Income Tax Act.
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OECD Publishes Critiques Of Territories' Tax Assistance Frameworks 1/31/2011 The Global Forum on Transparency and Exchange of Information for Tax purposes,
hosted by the OECD, has released ten reports which evaluate jurisdictions’
commitment to tax transparency, and examine whether information is made available
and accessible to foreign tax authorities.
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Caribbean Sharpens Response To Financial Crime 1/19/2011 In an effort to sharpen the regional response to transnational organized crime,
the Caribbean Community Implementation Agency for Crime and Security and the Caribbean
Financial Action Task Force have signed an agreement, laying down a framework for combating
financial crimes including money laundering.
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Barbados Extends VAT Amnesty 1/17/2011 Barbados Minister of Finance, Chris Sinckler has announced an extension
to the island’s Waiver of Interest and Penalties Programme (WIPP), until
November 30, 2011.
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Barbados Must Step Up Deficit Cutting Efforts 12/16/2010 The International Monetary Fund has published its Article IV consultation with
Barbados, recommending that the government continue efforts to slash the territory's debt, which is set to reach 115% of GDP by the end of the current fiscal year, ending in March 2011.
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Barbados Announces Tax Incentives For Business 11/26/2010 Barbados Finance Minister Christopher Sinckler has announced tax incentives for business in his 2010 budget speech.
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Barbados Raises VAT 11/26/2010 In an attempt to reduce its fiscal deficit, Barbados Finance Minister Christopher Sinckler has announced a rise in value-added tax.
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IMF Formulating Fiscal Plan For Indebted Caribbean 11/19/2010 The International Monetary Fund has announced the launch of a forum aimed at
drafting fiscal solutions for Caribbean territories, many of whom, due to the
financial crisis, have experienced significant expansion in their already
unsustainable deficits.
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Caribbean Urges Change To UK Flight Tax 11/17/2010 The Caribbean Tourism Organization has noted the publication of a report that comprehensively
analyzes the impact of the UK's aviation tax, the Air Passenger Duty, on the tourism
industries of Caribbean territories.
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Fiscal Worries Hit Barbados's Rating 11/8/2010 The Central Bank of Barbados said it was 'disappointed' with a decision to downgrade the jurisdiction's debt, which has been attributed to delays in fiscal consolidation efforts, a slower than expected economic recovery and an expected increase in debt over the next two years.
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UK Slammed For Turks And Caicos Intervention 10/11/2010 The Caribbean Community has released a statement noting its 'great concern' that the British government has decided to postpone general elections in the Turks
and Caicos Islands indefinitely.
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IMF Emphasizes Fiscal Consolidation In Barbados 9/30/2010 Marcello Estevão, chief of an International Monetary Fund (IMF) mission to Barbados, said that "with public deficits and public debt now at high levels, the emphasis has shifted to fiscal consolidation", in the latest Article IV consultation.
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Barbados, Spain Sign DTA 9/27/2010 The Barbados government has announced the signing of a double tax agreement
with Spain, which is expected to significantly bolster economic relations between
the two countries, and consequently increase trade flows and bilateral investment.
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Panama Expands Tax Agreement Network 9/8/2010 Panamanian Vice President and Foreign Minister Juan Carlos Varela has flown to Europe to sign double taxation treaties with Portugal, Italy, Spain, France, and Luxembourg.
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Caribbean Intensifies Lobbying Against UK Air Tax 9/8/2010 The Caribbean is to intensify efforts to establish a 'fairer passenger tax system' in
the UK during an official visit to the city of London, which will include a
series of meetings between high-level officials and parliamentary
bodies, the Caribbean Tourism Organization said.
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Panama Pushes For White List Placement 8/18/2010 Panama’s Deputy Economy Minister, Frank De Lima has said that by the beginning
of 2011 Panama should be placed on the OECD's
white list of territories that have substantially implemented the internationally
agreed standard for transparency and tax information exchange through the signing
of comprehensive Double Tax Agreements.
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Panama Ratifies Barbados Tax Agreement 8/12/2010 The Panamanian government announced the ratification of three cooperation
agreements on August 10.
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Caribbean Is Urged To Adopt VAT 8/12/2010 Owen Arthur, the former Prime Minister of Barbados,
has described value-added tax as the best option for the Caribbean region
in the age of trade liberalization.
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Singapore Expands Open Skies Agreement Network 7/23/2010 Singapore has announced the signing of Open Skies Agreements with Barbados,
Brazil, Jamaica and Rwanda, at the International Civil Aviation Organisation
Air Services Negotiation Conference 2010, held earlier this month in Jamaica.
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Panama To Sign DTA With Luxembourg 7/6/2010 The Panamanian government has finalized negotiations in Luxembourg ahead of the signing of a treaty to avoid double taxation between the two countries, announced deputy economy minister, Frank De Lima, who led the negotiating team for Panama.
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Panama, Barbados Initial DTA 6/24/2010 Meeting to discuss enhancing bilateral relations, Panama’s Vice President,
Juan Carlos Varela and George Hutson, Barbados’s Minister of International
Business, initialed the text of a convention for the avoidance of double taxation
and fiscal evasion with respect to taxes on income between the two countries.
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Use Of IFCs Misconceived By G20 Taxpayers 6/16/2010 A survey released last week by Invest Barbados showed that the majority of people
in the G20 nations of the US, UK and Canada are opposed to investments in offshore
international financial centers with Americans exhibiting the strongest opposition. This opposition changes to overwhelming support once the public are made aware
of the benefits of such foreign investment on the home economy, the survey
however found.
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Brazil Calls For Mercosur-Caricom FTA 4/28/2010 During the CARICOM-Brazil Summit on April 26, delegations from the Caribbean Community and Brazil discussed enhancing trade ties following the opening of the Takutu River Bridge in September 2009, which creates a physical link between Guyana and Brazil.
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Caribbean Amongst Last Regions To Recover 4/26/2010 Commenting upon the release of the International Monetary Fund’s World Economic Outlook Report, Chief of the World Economic Division, Petya Koeva Brooks, warned that the Caribbean region can expect a protracted recovery from the financial economic crisis, despite a return of more favorable conditions globally.
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Barbados Eyes Larger DTA Network 4/5/2010 At the recent signing of the Barbados-Luxembourg Double Tax Agreement in London,
Barbados Minister of International Business and International Transport, George Hutson,
said that the continued expansion of the jurisdiction's tax treaty network is enhancing its
reputation and attractiveness as a place to do business.
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OECD Reviews Tax Transparency 3/23/2010 18 countries participating in the Global Forum on Transparency and Exchange of Information have been included in the first phase of a peer review process.
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World Bank Assesses Caribbean Debt 3/17/2010 Staff at the World Bank have been tasked with assessing the debt profile of
indebted Caribbean nations to advise on policy approaches to alleviate their
individual deficits, World Bank President, Robert Zoellick, announced on March
11.
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Barbados, China Sign Protocol To DTA 2/15/2010 Relations between Barbados and the People's Republic of China will be enhanced,
and new business opportunities created, with the February 10 signing of a Protocol
to amend the existing Double Taxation Agreement the two countries share.
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