Mr. Marlon Waldron
Barbados International Business Association
Monday, December 11th, 2017
Last week we learned that the European Union (EU) released its “black” list of non-cooperative jurisdictions and Barbados was included amongst those countries. Subsequent to the EU report, the Minister responsible for International Business by way of a press conference and an official press release communicated to the country the chain of events that took place prior to Barbados being categorised as mentioned above.
BIBA, through our tax committee, has been involved in the process of fashioning the government’s response, particularly to the OECD, given that the two bodies conducted their reviews simultaneously. According to the EU report, Barbados failed to meet their demands as a result of one piece of legislation that remains on its books. BIBA has taken a position that the categorisation by the EU is unfair given the fact that there have been numerous pieces of correspondence between Barbados and the EU. However, we believe all resources must be deployed to remedy this situation.
The report from the EU is very concerning for BIBA and we have been contacted by some of our members expressing serious apprehension about the implications this could have for their businesses and for Barbados.
Click here to see the full press release.