Barbados clarifies its position as a treaty-based offshore financial
BRIDGETOWN BARBADOS, Nov. 15, 2011 /CNW/ - In an official statement
issued earlier today, Freundel Stuart, Prime Minister of the Government
of Barbados took the opportunity to respond to a recent statement made
by French President Nicolas Sarkozy -one that mistakenly characterized
Barbados and could result in erroneous and damaging conclusions.
"Barbados is a highly respected international financial jurisdiction
that, for more than forty years, has included provisions in its tax
treaties to ensure the reciprocal exchange of tax information. Tax
secrecy has never been a concept that we've adopted in Barbados, and we
are not a zero tax jurisdiction. In fact, Barbados' national
predisposition towards openness and international cooperation in all
matters - including taxation - has meant that it remains one of the few
international financial jurisdictions with practical experience in the
application of tax information exchange."
"We recognize the challenges that currently exist within our global and
interconnected economy. However, we would ask that all countries use
insight and accuracy in their characterization of other countries,
especially when that characterization has negative connotations.
Barbados has signed double taxation treaties with 34 countries, 15 of
which are OECD members, and we are working on negotiating or concluding
treaties with a further 24 countries, 7 of which are OECD members.
We have recently signed a Tax Information Exchange Agreement (TIEA) with
the Kingdom of Denmark, and will shortly initial TIEAs with Germany and
France, all of whom are OECD members. We have already signed protocols
to several of our existing treaties updating the tax information
exchange clause to the latest OECD standard, and in addition, Barbados
was also the only independent Caribbean country on the OECD "White
List" published in April 2009. At this time, therefore, we have signed
treaties or agreements, that are compliant with the current OECD
standard on tax information exchange, with the following OECD members -
The USA, Canada, Sweden, Norway, Finland, Netherlands, Mexico,
Luxembourg, Spain, Portugal, Iceland, the Kingdom of Denmark and the
Czech Republic, and treaties with Italy and Belgium, as well as the
protocol with the UK have been initialed.
In times such as these, it is imperative that countries work to
identify, articulate and nurture mutually beneficial international
relationships. With respect to International financial jurisdictions,
we believe that successful relationships must be defined by more than
the exchange of tax information. Rather, the most mutually beneficial
relationships will be defined by double taxation treaties and
investment treaties - agreements that facilitate international trade
while providing the necessary provisions to ensure tax transparency."
About Invest Barbados
Invest Barbados (IB) is an economic development agency of the Government
of Barbados. IB is responsible for attracting, winning and sustaining
investment for Barbados. The agency is also responsible for promoting
the export of indigenous services and goods while managing and
developing the Barbados business brand.
SOURCE Invest Barbados
For further information:
For more information or to arrange for an interview with a spokesperson for Invest Barbados, please contact:
225 Richmond Street West, Suite 302
Toronto ON M5V 1W2
416.599-0024 ext. 241