CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Barbados Targets Improved Investment Environment

Barbados Targets Improved Investment Environment

by Phillip Morton, Investors

19 October 2012

The Barbados government is endeavouring to substantially improve the island's business environment to attract and retain investment, the territory's Minister for International Business, George Hutson, has told business leaders.

Speaking at the launch of International Business week, Hutson said: "The Ministry is cognisant of the need to address such issues in order to attract and retain business, and therefore, will continue to intensify its efforts to engage the relevant ministries and departments of government, service providers and other relevant stakeholders with a view to implementing initiatives to facilitate business activities in Barbados throughout their life cycle."

He told attendees that the government had recently formed a task force to draft a new strategic plan for the island's financial services industry - to run from 2013 to 2017, to ensure that the territory can rebound strongly, and exploit new opportunities that arise when global economic conditions improve.

He highlighted the government's recent efforts to expand the territory's network of double tax agreements, which simplify cross-border trade and investment, and eliminate the risk of income received from these economic engagements being taxed twice. The Minister said to date a total of 31 agreements had been signed, and the nation is close to signing additional pacts with Bahrain, Singapore, San Marino, the Slovak Republic and Qatar.

Furthermore, as part of efforts to enhance the territory's standing as a reputable international financial centre, Hutson highlighted that the territory is close to receiving recognition for having introduced internationally-agreed standards in the area of tax information exchange. Hutson confirmed that a final Phase 2 review under the Organisation for Economic Cooperation and Development's Peer Review process would begin in early 2013. He said the government is allocating significant manpower to ensure that this process confirms that the territory exchanges tax information with other nations effectively in practice.

TAGS: environment | compliance | tax | investment | business | tax information exchange agreement (TIEA) | double tax agreement (DTA) | tax compliance | tax avoidance | financial services | international financial centres (IFC) | Bahrain | Qatar | Singapore | offshore | agreements | standards | mutual assistance agreement | Barbados | San Marino | services

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »