BIBA President: We want more
Not satisfied that Barbados is as competitive as it should be as an international business jurisdiction, president of the Barbados International Business Association (BIBA) Andrew Alleyne has thrown out a challenge to Attorney General Adriel Brathwaite to give the office of the chief parliamentary counsel additional resources. The BIBA head also wants Brathwaite to introduce relevant legislation that will give the island a better chance against its competitors. The international business sector employs some 4,500 Barbadians directly and contributed over $1 billion to the economy between 2013 and 2014, according to Alleyne. However, he said despite these contributions and the fact that “several other thousands” benefit indirectly, the chief parliamentary counsel’s office remains underfunded and the legislation is inadequate. “As minister responsible for the chief parliamentary counsel’s [office], we encourage you to increase the resources of this very important department that is critical to growing the international business sector,” Alleyne urged an absent Brathwaite at the opening reception of BIBA’s International Week reception at the Fairmont Royal Pavilion Hotel last evening. “In order for the sector to achieve its true potential Barbados must become an easier place in which to conduct business. International investors require an enabling business environment characterized by timely responses and certainty of process . . . Legislation is an important product offering for an international jurisdiction such as Barbados. It must be able to meet the requirements of foreign investors. With a weak and recovering economy we do not have the luxury of missing opportunities because our legislation is not competitive in international markets,” he added. Alleyne revealed that BIBA officials had met with the chief parliamentary counsel about two weeks ago and an offer was put on the table for BIBA to play a greater role in some of the decision-making processes. He said the offer to be more involved in the process of drafting new legislation and amending existing legislation was accepted. Article compliments Barbados Today.
AMORY DISMISSES FACTA’S CONCERNS
Premier Vance Amory is not concerned that the Foreign Account Tax Compliance Act (FACTA), which the Federal parliament passed last week will impact Nevis’ offshore financial sector. Financial institutions in the federation will under FATCA, be expected to fulfill a requirement to report on US persons income to facilitate US collection of taxes, reports WINN FM.
GEORGIA INFORMS ON U.S. RESIDENTS
The Georgian side has taken responsibility to inform the Revenue Office of the United States (US) about the financial assets of US residents living in Georgia, reports Agenda.ge. From September 18, when Parliament of Georgia ratified an agreement on Foreign Account Tax Compliance Act (FATCA) with the US, all Georgian financial institutions, commercial banks, insurance companies and others became obliged to send information about the assets of American individual and legal entities to relevant bodies in the US. Through the Act the US aimed to avoid its residents living abroad the ability to hide their tax obligations. The Georgian side signed the FATCA memorandum in July 2010 and last Friday the memorandum was ratified by Parliament. The Act envisaged enforcing amendments to 10 different Georgian laws. Seventy-three countries have already signed the FATCA memorandum with the US. The FATCA became law in March 2010 in the United States. The FATCA targeted tax non-compliance by US taxpayers with foreign accounts and focused on reporting: By US taxpayers about certain foreign financial accounts and offshore assets; By foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The objective of the FATCA was about reporting of foreign assets; withholding was the cost of not reporting.