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Barbados And Slovakia To Explore Double Tax Agreement

by Amanda Banks, Tax-News.com, London

16 April 2007


Issues relating to the tourism sector and a double taxation treaty were discussed when the Slovak Republic’s Ambassador to Barbados, Ivo Hlavacek, met recently with the Barbados Acting Minister of Foreign Affairs and Foreign Trade, Kerrie Symmonds.

The two officials also looked at evolving relationships within the European Union – Caribbean context, and expressed optimism for the successful and timely negotiation of an Economic Partnership Agreement between the European Union and CARIFORUM member countries.

Discussions also focused on enhanced bilateral partnerships between Barbados and the Slovak Republic, including the appointment of an Honorary Consul in each other’s country. This would facilitate the identification of new business contacts and investment opportunities.

Both countries are World Bank classified Upper Middle Income countries. The Slovak Republic continues to experience GDP growth of approximately 8% per annum, and is an attractive host of Foreign Direct Investment. The two countries have undertaken to give active consideration to the negotiation of a Double Taxation Agreement which will establish the legal framework for investment and economic cooperation.

The possibility of cooperation in tourism and the sharing of expertise in this sector will be explored as well.

The parties expressed the belief that there is good potential for increased tourist traffic between the two countries which could be facilitated by increased marketing, the provision of charter services, negotiation of a bilateral air services agreement and the assignment of route rights.


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