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Barbados Expands DTA Network

by Amanda Banks,, London

17 January 2013

The Barbados government has recently confirmed that the Protocol to amend the Convention for the Avoidance of Double Taxation (DTA) between the territory and Sweden has entered into force.

The island's Ministry for International Business and Transport underscored that the renegotiation of the agreement is part of government efforts to expand its treaty network, and to demonstrate the territory's willingness to exchange tax information on request in line with international best standards. It highlighted that with each agreement that includes tax information sharing provisions, Barbados's reputation as a legitimate international business and financial services centre is further reinforced.

According to the Ministry, the agreement strengthens Barbados as a "strategic base for onward investment into other markets [making it an] attractive jurisdiction for conducting business. It is on this basis that opportunity should be capitalized upon to cultivate a strategic business alliance which would benefit both Barbados and Sweden."

Towards the end of 2012, Barbados signed a double tax agreement with Bahrain, on December 3, 2012, and with San Marino, on December 14, 2012. Negotiations are at an advanced stage with Italy, the government said, while an additional agreement with Belgium is ready to be signed.

To date, Barbados has DTAs with the Caribbean Common Market (Caricom), the United States, Canada, the United Kingdom, Finland, Norway, Malta, Sweden, Switzerland, Austria, the Netherlands, Seychelles, Mexico, Panama, Luxembourg, Spain, Cuba, the Czech Republic, Venezuela, China, Mauritius, San Marino and Bahrain.

TAGS: tax | investment | offshore confidentiality | double tax agreement (DTA) | international financial centres (IFC) | offshore | agreements | Barbados

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