Barbados Welcomes Weekly Suriname Flight
Travel between Barbados, Suriname and Guyana should now be easier, thanks to the new Fly All Ways service out of the Johan Adolf Pengel International Airport in Paramaribo, Suriname. The Fly AllWays inaugural flight touched down at the Grantley Adams International Airport last week and is expected to provide a weekly service from Suriname to Barbados on Tuesdays, Thursdays and Sundays. The service includes same day connections and reverse rotations, as well as one scheduled stop in Georgetown, Guyana. Tourism officials, led by Parliamentary Secretary in the Ministry of Tourism and International Transport, Senator Irene Sandiford-Garner, were on hand to welcome the Fokker F70 flight, which was flown by Captain Nelson Seferina. During the official welcome ceremony, Senator Garner pointed out that the inaugural flight marked the first time in 10 years that Barbados had an air service out of Suriname. She added that the flight reintroduced a jet service between Barbados and Guyana for the first time since REDjet, and provided another option for those travelling to South America from within the Eastern Caribbean. “Fly AllWays will now provide greater opportunities to Barbados and, by extension, the region, and we look forward to what we expect will be a long and mutually beneficial relationship,” the Parliamentary Secretary stated. Chief Executive Officer of Fly AllWays, Amichand Jhauw, was among officials making the inaugural flight. He noted that the new airlift would be of great benefit to all of the countries using the service. “We don’t have ferries, trains or cruises. The only way to Barbados is via air and we are extremely glad to be able to provide direct airlift from Guyana to Barbados via Fly AllWays,” he said. Other officials on board the flight were Guyana’s Director of Tourism, Indranauth Haralsingh; that country’s Minister of Public Infrastructure, Annette Ferguson, and Minister of Tourism, Kemmie Williams; and Suriname’s Director of Transport Communication and Tourism, Dr. Joyce Blokland-Wijnstein. Senior officials of the Barbados Tourism Marketing Inc. were also at the airport to welcome the inaugural flight. These included Chairman, Alvin Jemmott; Senior Director, Support Service, Neville Boxill; Director, Caribbean and Latin America, Vicky Chandler; and Director, Marketing, Robert Chase. Article compliments BGIS.
Costa Rica and Germany sign agreement to end double taxation
Last Wednesday August 10 at Germany’s Federal Foreign Ministry Office, Costa Rica and Germany celebrated the ratification of the establishment of legal instruments as part of an agreement to eliminate double taxation of income and assets, stated Costa Rica’s Ministry of Foreign Relations in a press release Friday, reports the Costa Rica Star. The agreement aims to provide clear guidelines for both countries that will allow for the elimination of double taxation where such situations might exist. This would apply to individual’s income taxes, real estate taxes; and vehicle, boat and aircraft ownership taxes. The agreement will enter into effect starting January 1, 2017. This agreement also provides enhanced mechanisms for both countries to detect fiscal evasion, as well as allows them to link and coordinate their taxation systems, and have a more effective exchange of information. Most importantly, the agreement allows for a strengthening of the two country’s economic relations, stated the ministry. The valuable legal agreement offers Costa Rica enhanced judicial security, and with it, a greater opportunity for trade and for investment by Europe’s strongest national economy, said ministry officials. Costa Rica’s Legislative Assembly voted in favour of the agreement, which was a long time in the making, this year on February 2. The instruments were signed by Carlos Lizano, interim Business Attache for the Costa Rican Embassy in Germany, who was accompanied by Giancarlo Luconi Coen, Costa Rican Ambassador to Germany, and by Dr. Götz Schmidt-Bremme, Germany’s Legal and Consular Affairs Director for the Federal Foreign Ministry Office, who represented Germany in signing the legal instruments. Article compliments IFC Review.
Luxembourg proposes law to enact global tax reporting rules
Companies doing business in Luxembourg will be required to file global tax information now that the nation has released draft legislation to implement new international tax reporting rules, reports Bloomberg. The rules—known as country-by-country reporting—would require companies to submit a global blueprint outlining the location of their operations, taxes paid, income earned, and other key aspects about their business. They were released last year by the Organization for Economic Cooperation and Development as part of a coordination multi-country effort against tax-base erosion and profit shifting. When the draft legislation, released Aug. 2 is adopted, all companies with entities in Luxembourg with consolidated annual group revenue of at least 750 million euros ($839 million) would be required to file reports for tax years beginning after Jan. 1, 2016. Companies that neglect to file could be fined as much as 250,000 euros, according to an Ernst & Young LLP alert analyzing the draft legislation. Subsidiaries The draft legislation also includes a secondary filing system for companies that have only subsidiaries, but not their parent organizations, in Luxembourg. The requirement can be satisfied if the parent jurisdiction requests the information itself, and submits it to Luxembourg through information-sharing treaties or agreements. Luxembourg is one of 44 countries that signed onto the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, committing to participating in a global exchange of the reports. The European Parliament approved country-by-country reporting rules in May. The draft legislation would adopt the EU language into Luxembourg law (25 Transfer Pricing Report 102, 5/26/16). Article compliments IFC Review.