Fully compliant with OECD Global Forum in February
Monday January 30 2012 | 10:46 AM

CEO of Invest Barbados, Wayne Kirton expects that by late next month this country will be fully compliant with both Phase one and Phase two of the Global Peer Review regulations.

He expressed this optimism in the 2012 edition of the magazine, Barbados International finance and Business.

Kirton said that while Barbados remains a white-listed country in the eyes of the OECD – Organisation for Economic Co-operation and Development – the country has been struggling to convince the Global Forum Peer Review Group assessors on the legal basis of our legislation enabling tax information exchange.

Stating that this is what Phase one assessment is about, the Invest Barbados CEO said: “It matters not that we have been exchanging tax 
information with treaty partners for years, as the practical ability to collect and exchange tax information is what Phase Two is about”.

He went on, “Barbados the OECD international tax standard, and will do all that is necessary to comply with their 
requirements. We expect that by late February 2012, when the next meeting to review progress is scheduled, Barbados will be fully compliant with both Phase one and Phase Two”.

He also said that the other major thrust in the Barbados jurisdiction is treaty network expansion.

Said Kirton, “As of January 1, 2012, Barbados will have had Double Taxation treaties signed with 34 countries and discussions have commenced with a further 24 countries, and our treaty negotiating team has been expanded to 
accommodate an accelerated negotiating time table. The Investment Protection Treaty Network will also be 
expanded wherever possible, as we continue to enhance the flexibility of the jurisdiction”.

The magazine is a publication of Invest Barbados, Government’s main investment promotion agency. This latest publication is the fourth and like the previous 
issues, features many aspects of the International Business sector, a key revenue earner for Barbados, by experts in their fields.

Among some of the subjects featured are: Cross-border Investments- Structuring Your International investments through Barbados; Life After TIEAS (Tax Information Exchange Agreements) What’s next for Barbados?; What does the financial Services Commission mean to International Business in Barbados?; Using Barbados as a Holding or Treasury Centre; Barbados – A Top 10 Captive Insurance Domicile; A Barbados Perspective on the Evolving World of Captives; International Wealth Planning using Barbados; and Trust Planning Considerations for Preserving Wealth.
It also features a message by Minister of Finance and Economic Affairs, Christopher Sinckler, and the Editor, James Gardiner.

Mr. Kirton said that they continue to focus on improving facilitation in B, as well as our infrastructure for business.

“Invest Barbados will work closely with the Barbados International Business Association and the Government agencies to aggressively improve response times, and with telecommunications companies to increase the broadband capability,” he added.