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Two recent court cases have changed the landscape around what constitutes a captive for US tax purposes. This potentially opens the door for some companies to revisit whether they can benefit from such risk transfer structures, as EY Tax and Risk consultants Rob Ollins, Paul Phillips and Jim Bulkowski explain.
Within its list of frequently asked questions (FAQs) on issues associated with the requirements of the Foreign Account Tax Compliance Act (FATCA), the United States Internal Revenue Service (IRS) has provided added information for foreign financial institutions (FFIs) in jurisdictions with in-substance intergovernmental agreements (IGAs).
Global business confidence slipped to five-year low in October, according to a survey of 6,100 companies. The number of firms that expect business activity to be higher in the year ahead exceeded those that expected a decline by about 28%.
A Chinese contingent is expected in Barbados “very soon” to carry out a final assessment of Sam Lord’s Castle ahead of construction on the 58-acre site. Word of this has come from Ambassador of the People’s Republic of China to Barbados Wang Ke, who also disclosed that a number of Chinese funded projects were to be carried out in the region over the coming years.
A feasibility study has found that overall, the legal environment within Barbados and the Organisation of Eastern Caribbean States is supportive of the Alternative Dispute Resolution process, and the interest of the stakeholder groups is encouraging.
DESPITE CALLING 2014 a “tumultuous” year for international business given the significant impact of several overseas developments on Barbados, president of the Barbados International Business Association (BIBA), Connie Smith, is still projecting that the sector will maintain growth in 2015.
FORMER President of the Caribbean Development Bank, Professor Compton Bourne, said reducing interest rates at commercial banks to deal with high liquidity can be a disincentive to saving. He made the comment while discussing the subject of high liquidity at commercial banks across the Caribbean. Professor Bourne, who currently heads up the Trinidad and Tobago-based Caribbean Centre for Money and Finance (CCMF), said that excess liquidity at commercial banks in Barbados and across the Caribbean have reached troubling levels.
Gilberto Caldart, president of MasterCard’s operations in Latin American and Caribbean, said: “Latin America is a very important market for MasterCard, and our 340 million cards in the region represent about 11 percent of our cards in use worldwide.” The region also accounts for about 7 percent of MasterCard’s global purchase volume and some 8 percent of its global “gross dollar volume,” which refers to all transactions. “Our outlook for growth in the region is very positive,” Caldart said.
Guyana is still at risk of being blacklisted by the Financial Action Task Force (FATF) for failing to pass the Anti-Money Laundering and Countering the Financing of Terrorism legislation, according to Attorney General Anil Nandlall.
The Board of Directors of The DGM Group of Companies has announced the appointment of Mr. Wayne Fields as President of DGM Bank & Trust Inc, effective 1st November 2012.
The Shareholders and Directors of DGM Bank & Trust Inc. are pleased to announce the appointment of Lynn A. Garner as Vice President – Trust Services.
The Towner Management Group, the largest independent captive and international business company manager in Barbados, announced today that it has sold its Barbados-based business and operations to the Jardine Lloyd Thompson Group plc (JLT).
Effective January 1, 2015, the Canadian Federal Government will be changing the rules of play for how foreign income by Canadian banking and insurance subsidiaries is treated for tax purposes. Mr. Douglas Connell, Senior Tax Advisor with Deloitte Barbados, delivered a presentation at BIBA's February 25, 2014 luncheon seminar outlining the major implications of the new measures, followed by a panel discussion offering further perspectives on the issue from international tax professionals Mr. Ben Arrindell, Mrs. Dominique Pepin, Ms. Gloria Eduardo, and Mr. Wayne Lovell. A PDF copy of Mr. Connell's presentation can be downloaded here.
Improve the ease of doing business in Barbados and the additional Government revenue will naturally follow, was the stance taken by Barbados International Business Association (BIBA) President, Ms. Connie Smith, as debate continues to swirl around regarding the appropriate measures that Government needs to take to balance its finances.
The Barbados International Business Association (BIBA) views Barbados’s elevation to the Vice Chairmanship of the Global Forum of the Organization for Economic Cooperation and Development (OECD) as a validation of its high standing among international business and financial centres.
A new Board of Directors has been elected to lead the affairs of the Barbados International Business Association (BIBA), headed by new President, Connie Smith, Managing Director of Tricor Caribbean.