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The White House plans to propose stiffer tax rules for U.S. companies with overseas operations to limit what it views as tax avoidance and evasion through profit shifting and other means, senior administration officials said Thursday.
Singapore has overtaken Switzerland, emerging as the world’s fastest-growing wealth management center, but banks in the Southeast Asian nation have a long way to go toward tax transparency, particularly in regards to questionable investments from other Asian countries.
Singapore’s wealth management industry grew 22 percent in 2012 to 1.63 trillion Singaporean dollars ($1.29 trillion US), and its share of global offshore wealth is expected to outstrip Switzerland by 2020, according to data from WealthInsight, an industry research group.
While all types of occupational fraud and abuse will continue to pose challenges this year, there are three issues that are looming large at present, namely data breaches, cybercrime and financial statement fraud.
The extent of the recent data breach affecting Target Corp. (and now possibly Neiman Marcus, among other retailers) is startling. Initially, Target reported that as many as 40 million credit and debit cards could have been compromised by a deliberate attack in December 2013; since then the number has risen to a possible 110 million customers. The hacking case put consumers on edge during the holiday shopping season and continues to cause serious concern as cardholders determine the steps needed to protect their credit and their identities.
The Government of Barbados will negotiate with the US to ensure that institutions like Credit Unions, Pensions funds, government entities and International Institutions that present a low risk of US tax evasion are exempt from the provisions of FATCA under a special annex to the IGA.
Ricardo Knight, President of JLT Towner Insurance Management (Barbados) Ltd, will once again moderate a panel discussion on international insurance when Invest Barbados (IB) holds its third LATAM Inward Mission to Barbados seminar on Thursday January 23rd and Friday January 24th, at the Hilton Barbados Hotel.
COMPANIES applying for listing their securities on the Regular Market of the Barbados Stock Exchange (BSE) must, among other things, have gross assets of not less that $5 million. In addition, those seeking to do so on the Junior Market of the Exchange must, among other requirements, have gross assets of less than $500 000. These, among other new rules that the BSE recently approved, became effective January 13, 2014.
The Central Bank of Trinidad and Tobago (CBTT) says it has pumped half a billion US dollars into the domestic foreign exchange market, saying it is aware of the difficulty some businesses and the public have been experiencing in obtaining foreign currency. In a statement, the CBTT said that it has been “actively and aggressively” taking steps to address the situation and that in the last three and a half months it has sold US$500 million to the banking sector to alleviate tensions in the domestic foreign exchange market.
NASSAU, Bahamas, Thursday February 20, 2014, CMC – The Bahamas government has again sought to reassure nationals that it was not interfering in the operations of the Bank of Bahamas (BOB) in which it has 65 per cent majority share holding.
The statement comes less than a month after it issued a similar statement telling Bahamians that their funds were safe and that there was no need for fear or concern.
“The Government does not control or interfere in the management of BOB...
The Caribbean Export Development Agency in conjunction with the implementing partners CARICOM Secretariat and the Ministry of Industry and Commerce of the Dominican Republic (DICOEX) have been awarded responsibility for the implementation of a 3.2million Euro programme by the European Union towards the implementation of the 10th EDF Services Sector Component. Implementation of the services component will be a collaborative effort between the Agency and implementing partners CARICOM Secretariat and DICOEX.
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.
The last BIBA luncheon for 2013 was addressed by Mr. James Bynoe, Chief Executive Officer of the Caribbean Cyber Security Centre. His presentation on November 28, 2013, at the Hilton Barbados, Needhams Point, St. Michael focused on the growing threat businesses in the Caribbean are facing from online security breaches leading to loss of data and funds. This is a PDF document and must be downloaded to be viewed.
BIBA Past President Michael Berry, President of Glenhuron Bank, addressed the June 19, 2013 luncheon seminar on the topic "Latin Jaguars: Peru and the Power of Free Markets" at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael. His presentation was part of an ongoing commitment by BIBA to expose our membership to the business opportunities available in non-traditional markets. This is a PDF document and must be downloaded to be viewed.
Jamaican-Canadian billionaire Michael Lee-Chin revealed his secrets to building wealth at the second Barbados International Business Association luncheon for 2011 held at the Hilton Barbados on February 25, 2011.
The Barbados International Business Association (BIBA) rejects the recent assertions made by the Canadian Broadcasting Corporation (CBC) which attempts to discredit Barbados’ International Financial Services sector. CBC’s sensationalist reporting was unbalanced, inaccurate and inflammatory.
New president of the Barbados International Business Association (BIBA) Ryle Weekes is keen to see Barbados fully realize its potential and firmly secure its place internationally as a leading financial and wealth management centre.