Barbados Initials Nordic Treaties

by Amanda Banks, Tax-News.com, London

04 July 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.

George Hutson, Minister for International Business and International Transport said the information sharing deals had been struck with Denmark, and its dependencies, Greenland and the Faroe Islands, following the conclusion of negotiations.

In addition, a tax treaty has been initialled with Iceland, and protocols have been drawn up to current treaties with Sweden, Norway and Finland. According to Invest Barbados, these agreements will allow both Barbados and the Nordic Council members to apply internationally-accepted standards on a reciprocal basis.

Hutson confirmed Barbados's intention to move quickly, with a desire to have the agreements brought swiftly into force. They are, he said, an important means of pursuing the country’s long-standing policy of facilitating reciprocal exchange of tax information.

In addition, Hutson noted that Barbados would continue to pursue the negotiation of double tax treaties with Organization for Economic Cooperation and Development members.

TAGS: tax | offshore confidentiality | tax information exchange agreement (TIEA) | double tax agreement (DTA) | Denmark | Iceland | Faroe Islands | Norway | offshore | agreements | Finland | Sweden | standards | Barbados | Greenland

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