Understanding the Foreign Exchange Fee (FXF)
Acting Deputy Governor of the Central Bank, Michelle Doyle-Lowe recently sat down with Public Affairs Officer, Novaline Brewster to discuss the new Foreign Exchange Fee (FXF) and how it will be implemented: Click here to view the video (Link to Central Bank).
Switzerland Interested In Closer Ties
Ambassador of Switzerland to Barbados, Mr. Didier Chassot has presented his credentials to Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean. According to the Ambassador, Switzerland was committed to strengthening its relationships in the region and its plans for Barbados included collaborating on matters related to tourism and cultural affairs. He also expressed a desire to offer assistance in the implementation of relevant monitoring systems that would ensure the protection and preservation of the island’s UNESCO World Heritage sites. Senator McClean agreed and added that Barbados was also interested in deepening bilateral relations in the area of tourism, as well as education and training opportunities for students and teachers. She said that the Government of Barbados was also desirous of negotiating a new Double Taxation Agreement with Switzerland, given the outdated status of the current one which was signed between the United Kingdom and Switzerland in 1954. Barbados and the Swiss Confederation established formal diplomatic ties on March 4, 1980. Article compliments BGIS
FSC Appoints New CEO
FSC’s newly appointed CEO, Kester Guy (second from left) is being congratulated by chairman, Sir Frank Alleyne. Looking on are fellow Board commissioners Lawson Yearwood (third from left) and Basil Murray. The Financial Services Commission (FSC) has a new chief executive officer. Kester Guy, who was acting in the post since January this year, has been given a clear mandate by the FSC Board of Commissioners to head the local regulatory body. Chairman of FSC, Sir Frank Alleyne, made the official announcement to staff on Tuesday morning indicating that Guy had been fully endorsed by the commissioners as “the right person to take FSC forward”. Sir Frank explained to the over 50 staff members gathered to welcome their new CEO, that the process of selection was very extensive. “We hold the view that the most important decision the Board will make in relation to staff is the choice of CEO. We used the most modern methods available to us and after careful scrutiny, made a recommendation that has now been confirmed by Cabinet,” said Sir Frank. Guy, who moves from his substantive post of deputy CEO, Supervision & Regulation, is the second Board-appointed CEO at FSC. He is a career regulator and economist with an extensive background in research and quantitative analysis. His most recent post before joining FSC was that of assistant director at the Central Bank of Barbados. He has also held the post of CEO of Barbados Deposit Insurance Cooperation, senior economist at the Central Bank of Barbados and economist at the Central Bank of Trinidad and Tobago. Article compliments the Financial Services Commission,
BARBADOS’ BILATERAL TREATY NETWORK AS AT JULY 17th, 2017
Please see following updated version of Barbados’ Bilateral Treaty Network as at July 17th, 2017 with the most recent update highlighted. Barbados’ Bilateral Treaty Network 17-07-2017
Canada Values Barbados Relationship
“Canada values its long-standing and current relationship with Barbados”. This was the assurance given by Parliamentary Secretary to the Minister of International Development of Canada, Celina Caesar-Chavannes to Barbados’ Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean during a recent courtesy call held in the Conference Room of the Ministry of Tourism and International Transport, Two Mile Hill, St. Michael. The Canadian official stated that her country continues to value its bilateral relations and is “sensitive to the vulnerabilities of small island states”. She stressed that her presence represented Canadas’s dedication to listening and understanding the challenges with which the island is faced, and also to discuss any possible opportunities which could arise, for future collaborations. Senator McClean shared that one of the challenges Barbados, and many countries in the region continued to face, were their vulnerability to unpredictable weather patterns, and extended weather, which can and has previously wreaked havoc on many countries in the region. Speaking to their bilateral relationship, she reiterated the strength of their good relations and maintained that the Government of Barbados is appreciative of their past and present collaborations. The Foreign Minister also told the Parliamentary Secretary about the Ministry’s hopes to collaborate in business opportunities which “have the potential for significant growth”, highlighting Science Technology, as one such area. The two officials also discussed the recently concluded 2017 G20 Hamburg summit and pledged to explore further areas for possible collaboration. Article compliments BGIS.
Bank of Jamaica to start foreign exchange auction
The Bank of Jamaica (BOJ) will commence selling foreign exchange (FX) to Authorized Dealers (ADs) and eligible cambios via a competitive bidding process, effective July 26. The introduction of this new framework will follow a pilot exercise on Wednesday. Under this process, the BOJ Foreign Exchange Intervention & Trading Tool (B-FXITT), BOJ will pre-announce, up to four weeks ahead, the quantity of FX that it intends to sell to the market on Wednesday of each week. All authorised dealers and eligible cambios will be invited to submit bids to purchase FX from Bank of Jamaica at exchange rates that they specify. The Bank will publish a report from each operation on the same day, including the weighted average exchange rate arising from the operation, and will also introduce the publication of midday weighted average exchange rates. The Bank may also sell foreign exchange to authorised dealers and eligible cambios outside of this weekly schedule if circumstances merit. The implementation of this upgrade to the Bank’s operations forms a part of Bank of Jamaica’s ongoing effort to enhance the effectiveness of its monetary policy transmission and foreign exchange operations. The introduction of B-FXITT will not affect the manner or freedom with which members of the public currently purchase or sell foreign exchange from or to their banks and cambios. Article compliments LOOP News Barbados.
BVI firms hold $1.5T in assets, benefit global economy
An economic impact report commissioned by BVI Finance has concluded that the British Virgin Islands brings a substantial net benefit to governments worldwide, reports Cayman Compass. The report “Creating value: The BVI’s global contribution” by consulting firm Capital Economics found that the 417,000 companies registered in the islands hold about $1.5 trillion in assets globally. Many of the companies are registered in the BVI to facilitate cross-border trade and investment. For instance, more than 140 corporations listed on the stock markets in London, New York and Hong Kong maintain a subsidiary in the BVI. About a quarter of the companies’ assets represent investment vehicles, whereas family wealth and property holdings make up about 5 percent each. The investment flows mediated by the BVI support around 2.2 million jobs worldwide, the report noted, especially in Asia, where about 40 percent of the assets held by BVI companies are located. European clients represent about 20 percent of BVI companies. The U.K. alone constitutes 12 percent of the value of BVI companies, both in terms of the location of the ultimate beneficial owner and the location of the assets. “The scale of the BVI’s global contribution to investment and jobs sheds a new light on the debate around its impact on the tax receipts of other nations,” Capital Economics stated, and concluded, “The BVI is a substantial net benefit to governments worldwide.” Commenting on the findings, Interim Executive Director of BVI Finance Lorna Smith said the results of the study clearly demonstrate the significant contribution the BVI makes to the global economy. “Not only does the BVI enable cross-border trade and investment; it also supports millions of jobs, and generates substantial tax receipts for governments globally. This brings tangible benefits to the lives of employees, voters, families and businesspeople around the world,” she said. Ms. Smith added the report was equally clear in stating that the BVI is not a center for corporate profit shifting. “This helps clarify once and for all some of the inaccuracies and misunderstanding about what the BVI is, and the valuable role it plays in the global economy.” Like the Cayman Islands, the BVI stresses that it is not a tax haven but rather a tax-neutral jurisdiction, which does not reduce or eliminate any tax liability in other jurisdictions. The report argued that the BVI is not a material center for corporate profit shifting. Multinational companies that seek to optimize their tax position would look to conduct any ‘profit shifting’ through jurisdictions that gave them protection from double taxation, and where they would be exempt from withholding charges, Capital Economics said. But, “The BVI offers little protection to businesses from so-called ‘double taxation’ in another jurisdiction or from ‘withholding taxes’ elsewhere. Multinational companies that use their transfer pricing arrangements to shift profits into the jurisdiction will not be sheltered from taxes due elsewhere.” This is in stark contrast to European jurisdictions like the Netherlands, which maintains a large number of double taxation treaties that reduce withholding taxes for income from dividends, interests and royalties, or low tax jurisdictions like Luxembourg and Ireland, which offer low tax rates on intra-group interest payments or royalties from intellectual property. These mechanisms are much more suitable for the shifting of profits to low tax locations to avoid taxation. Mark Pragnell, the author of the report, said in an interview with the Financial Times that globalization had increased the use of cross-border structures by multinationals, whereas the use of BVI companies for private wealth management was diminishing. Mr. Pragnell conceded that it was not clear how much of the capital flows through BVI companies represented round-tripping, a process whereby capital is sent to offshore vehicles and then brought back to its country of origin under the guise of a foreign investment to take advantage of government benefits and lower taxes or to circumvent regulations. But he maintained that the main motivation for channeling money through the BVI was to take advantage of its secure legal framework. Capital Economics believes that BVI companies could be used to avoid up to $750 million of tax each year. “To put this in context, the United Kingdom tax authorities estimate their annual ‘tax gap’ at US$59 billion alone – so any leakage through the BVI is immaterial against other sources of tax loss,” the report said. “Moreover, our estimate of the theoretical maximum amount of tax avoided assumes that the only and every use of a BVI Business Company is tax avoidance. In reality, we believe the actual number will be a small fraction of this.” At the same time, investment flows channeled through BVI vehicles would bring substantial net benefits to governments onshore. For instance, the report estimates that the tax supported by employment related to investments mediated by BVI companies is $15.7 billion, far outweighing the potential tax loss onshore from deferred tax payments or the avoidance of property transaction taxes. Locally in the BVI, tourism accounts for one in four jobs. However, the business and finance industry generates 60 percent of all government revenues. It employs 2,200 people directly, supports another 3,000 jobs and produces $330 million of gross value added, the report found. Two-thirds of the business and finance jobs are held by BV Islanders, or belongers. Article compliments IFC Review.
Southwest Airlines Drops Two of its Three Cuba Routes
Southwest Airlines has joined several US carriers who’ve cut Cuba routes because they’re not performing as well as expected. At the end of the day on September 4, it will cease flights to Santa Clara and Varadero, less than a year after introducing those services with much fanfare. It will continue flying to the Cuban capital, Havana, which it currently serves twice daily from Fort Lauderdale and once from Tampa, and has applied with the US Department of Transportation for a third daily round trip from Fort Lauderdale. “Our decision to discontinue the other Cuba flights comes after an in-depth analysis of our performance over several months which confirmed that there is not a clear path to sustainability serving these markets, particularly with the continuing prohibition in US law on tourism to Cuba for American citizens,” said Steve Goldberg, Southwest Airlines’ Senior Vice President of Ground Operations and lead Executive sponsor for Florida. “Access to Cuba remains important to our South Florida customers and this shift in focus will answer their continued calls for our low-fare value with bags fly free in serving the Cuban capital.” There was a rush by airlines to apply for the rights to serve Cuba’s international airports when the island opened up to US airlines last year. However, some of the new routes have not panned out as expected. That, coupled with US President Donald Trump earlier this month ordering tighter restrictions on Americans traveling to Cuba and a clampdown on US business dealings with the island’s military, after his predecessor President Barack Obama loosened those restrictions, has influenced decisions on flights to the Caribbean island. Last month, Southwest Airlines’ chief executive officer Gary Kelly had hinted that cutbacks might be coming, saying, “Cuba is something we’ll have to continue to watch. Havana looks like a normal developing market, and the other two cities have very modest traffic demand at this point….I don’t want to pull the plug yet, but the demand is going to have to pick up to sustain those flights.” With its decision to nix the Santa Clara and Varadero routes, Southwest is offering refunds to customers with reservations for flights to those destinations beyond September 4. Article compliments Caribbean 360.
UK Government Delays Making Tax Digital
The UK Government has delayed the mandating of digital record-keeping and quarterly reporting by small businesses and landlords for income tax purposes until at least April 2020. Under the Making Tax Digital project, it had originally aimed to introduce mandatory digital record keeping in April 2018. The government said that under the new timetable only businesses with a turnover above the value-added tax (VAT) threshold, currently GBP85,000 (USD110,000), will have to keep digital records and only for VAT purposes. Making Tax Digital will be available on a voluntary basis for the smallest businesses, and for other taxes, it added. “Businesses agree that digitizing the tax system is the right direction of travel,” said Mel Stride, Financial Secretary to the Treasury and Paymaster General. “However, many have been worried about the scope and pace of reforms.” “We have listened very carefully to their concerns and are making changes so that we can bring the tax system into the digital age in a way that is right for all businesses.” The Chartered Institute of Taxation (CIOT) said the delay means that smaller businesses will have much longer to familiarize themselves with digital record keeping and find the right software and processes suitable for their business. “This deferral will give much more time for businesses, supported by their advisers, to identify for themselves, at their own pace, the benefits of digital record keeping,” said CIOT President John Preston. “It will also ensure that many more software products can be developed and tested before mandation is reconsidered.” Whilst the requirement has been deferred for income tax, the Government is still planning to mandate digital reporting for VAT in April 2019. From this point VAT-registered businesses with a turnover in excess of GBP85,000 per annum will be obliged to maintain digital records and provide quarterly updates (VAT returns) to HMRC. Article compliments Tax News.
G20 leaders seek international agreement on tax policy to enhance growth
G20 leaders affirmed their commitment to international cooperation in the area of tax policy, in a communique released after their July 7–8 summit in Hamburg, Germany, reports MNETax. “We can achieve more together than by acting alone,” the leaders asserted, stating that their highest priority is “strong, sustainable, balanced, and inclusive growth.” The leaders said they welcomed international cooperation on pro-growth tax policies. They also pledged to work together to achieve a “globally fair and modern” international tax system. The leaders again expressed their commitment to the implementation 2015 OECD/G20 base erosion and profit shifting (BEPS) package, which is a series of measures designed to curtail multinational tax avoidance and improve international tax dispute resolution. The G20 leaders urged all countries to join the “BEPS Inclusive Framework,” adopting “minimum standards” devised by OECD and G20 countries in the 2015 BEPS plan. The G20 leaders also said they were working with the OECD to enhance tax certainty. Tackling the tax challenges raised by digitalisation of the economy is also on the G20’s agenda. The leaders reiterated their support for assistance to developing countries in building their tax capacity. The leaders also said they would advance the effective implementation of the international standards on tax transparency and beneficial ownership of legal persons and legal arrangements, including the availability of information in the domestic and cross-border context. Article compliments IFC Review.
Why Is No–one Listening To Repeal FATCA Calls?
Campaigners lobbying for the repeal of FATCA in the USA are demanding to know why President Donald Trump and Republicans in Washington are ignoring their call to axe the controversial tax law, reports iExpats. Around 24 separate lobby groups have come together under the Repeal FATCA banner. They want to abolish FATCA and have spoken with Republicans in Washington DC to support them. But despite the Republicans listing the repeal of FATCA as one of their presidential election policies, no mention has been made of FATCA since President Trump has entered office. Washington silence Since January, when he moved into the White House, the Trump administration has made several announcements about tax changes, but said nothing about FATCA. At the forefront of the campaign is Nigel Green, CEO and founder of world leading expat financial advice firm deVere Group. “President Trump should now make good on his promise that he will be ‘president for all Americans’ including ‘the forgotten men and women of our country who will be forgotten no longer’ by abandoning this achingly un-American policy once and for all,” he writes online at Newsmax Finance. “Americans live under one of the worst tax systems in the entire world. It’s now time that the President should recognize the embarrassment of this draconian regime and join the rest of the civilised world, which has long acknowledged that residence and/or territoriality are the only criteria upon which a fair income tax system should be founded. Tax shackles “The American tax policy is not the global norm. And there’s a reason for this: it is fundamentally unjust to tax a people for their national identity alone.” FATCA demands foreign financial institutions report the financial details of accounts held by US taxpayers to the IRS each year. More than 100 countries and tens of thousands of financial institutions hand information to the IRS under the law. “It is beyond the time that America releases her citizens from the rusty tax shackles and implements a new, modern fairer tax system so that all US citizens can enjoy the same freedoms and prosperity as everyone else in the world,” wrote Green. Article compliments IFC Review.
Save the Date: BIBA Networking Mingle (June 24th, 2016)
The Barbados International Business Association will be hosting its third Networking Mingle on June 26th, 2016. Further details to come closer to the event.
Save the Date: BIBA Networking Mingle (April 22nd, 2016)
The Barbados International Business Association will be hosting its second Networking Mingle of the year on April 22nd, 2016. Further details to come closer to the event.
Save the Date: BIBA Networking Mingle (June 24th, 2016)
The Barbados International Business Association will be hosting its third Networking Mingle on June 26th, 2016. Further details to come closer to the event.
Remarks by Mr Gregory McConnie, President – BIBA Business Forum: March 31st, 2017
Remarks by Mr Gregory McConnie, President Barbados International Business Association BIBA Business Forum: Is the Barbados International Business Sector Under Attack? Lloyd Erskine Sandiford Centre, Two Mile Hill, St Michael March 31st, 2017 Protocol having being established, good morning ladies and gentlemen and thank you for joining us for this very timely and important Business Discussion Forum. There is much anxiety surrounding Barbados’s current economic situation, and with good reason. And as we cast our minds towards solutions and strategies for recovery we become painfully aware that challenges we are facing are both external and, sad to say, internal. Within these shores, ease of doing business remains one of our biggest downfalls. We have not shown ourselves capable of delivering consistent service in order to meet the expectations of international clients in establishing and/or operating their businesses here or domestic ones for that matter. This is evidenced in the 2016-2017 Global Competitiveness Report which placed the island at 72nd out of 138 countries when it came to competitiveness. The World Economic Forum’s report showed that Barbados had slipped 17 places since 2014. It also listed some of the factors which hinder the smooth flow of doing business on the island, including “poor work ethic in the national labour force” and “inefficient Government bureaucracy”. The two recent downgrades in the credit rating of the country from Standard & Poor’s and Moody’s and the response to them from some of our leaders, together with the public dispute and eventual dismissal of Dr Worrell as Governor of the Central Bank, have not only deservedly generated a lot of national concern and discussion, but are no doubt having a negative impact on the country’s image as a place for doing business. We have much work to do to restore that image and get these metrics moving in the right direction. But getting it right can produce great rewards and contribute to a turnaround in our fortunes in respect of the growing national debt and the shrinking foreign reserves. However, there are also significant external, unpredictable and uncontrollable factors that are creating a challenge for the international business sector. Numerous articles and news reports, mostly international, have been published labelling Barbados as a tax haven. Just this year the country was placed on a blacklist by the UK-based aid and development charity Oxfam as one of the world’s 15 worst tax havens. Investipedia, a leading source of financial content for the web, has Barbados listed among the Top 10 Caribbean Tax Havens even though it mentions that “Barbados is not a pure tax haven” adding that “it is a very low-tax environment for offshore corporations incorporated in Barbados.” However, it is the rhetoric coming out of our number #1 investing jurisdiction, Canada, that is most worrisome. The concern began last year with the new Canadian Prime Minister, Justin Trudeau, and his administration, whose plan is to spend a considerable amount on the Canadian Revenue Agency so it can tackle what the public perceives as Canadian businesses and individuals who park their money in low-tax jurisdictions like Barbados and don’t contribute their ‘fair share’. The rhetoric continued with bodies such as the Canadians for Tax Fairness which estimated that “wealthy individuals and corporations shifted CAN$270 billion into the world’s tax havens resulting in an annual revenue loss to the Canadian government of about CAN$8 billion”. Executive Director, Dennis Howlett, who also serves with the Global alliance for Tax Justice, claims that the top Canadian “haven of choice” is Barbados where Canadians have parked nearly CAN$80 billion. Much of the discussion in the media demonstrates a lack of understanding of the true nature of the issues and policy considerations that have led to the growth of Canadian international business. As the number one jurisdiction where Barbados gets most of its business, has this relationship been ruined or adversely affected? If so, what restorative action should we take now? On the UK front the impact of Brexit is also a concern particularly with the fall in value of the British currency and the impact that it can have on local tourism business. Also with the UK making noises about reduced tax rates will London be soon branded a tax haven by the EU as well? Are there opportunities for Barbados in the fall out from Brexit? As it relates to the new US administration, what are the implications for Barbados? Will the recent failure of the attempt to repeal or amend Obamacare negatively impact President Trump’s ability to proceed with other initiatives on his agenda? Particularly those related to deregulation of business and tax reform? Is his planned deregulation and tax reform a good or bad thing for us in the context of his ‘America First’ stance? So today we explore these questions under the umbrella question, is the Barbados international business sector under attack? This question will no doubt be thoroughly explored by the impressive line-up of speakers we have this morning. We look forward to the very dynamic discussions from all of our panels and we sincerely thank all of the panellists for taking the time out to participate in this forum today. Thank you and have a great day.
Statement On The Barbados Economy
Ladies and Gentlemen of the media, colleagues, fellow Barbadians listening to this media conference over the various broadcast systems, a pleasant good afternoon to all of you. Let me begin by expressing on behalf of the Ministry of Finance and Economic Affairs our sincere wishes for a healthy, productive and rewarding 2017 to all Barbadians. I would like in particular to register our appreciation for your support and cooperation during the course of the past year. Not unlike many other countries across the world 2016 was one of mixed fortunes for Barbados. On the one hand we witnessed an acceleration of real growth in our economy with an estimated 1.6 % expansion in the GDP, when compared to the 0.8 % level of growth in 2015. Indeed, this is the first year in which all major economic sectors, led by a resurgent tourism sector registered positive growth in the same year since the great global financial crisis of 2008. At the same time low inflation, a continuing decline in the rate of unemployment, and a seeming pick up in foreign direct investment albeit muted, painted positive signs that the recovery in the real economy was not a passing sensation, but an indisputable fact that a real economic turnaround was beginning to set in… To download the full statement from Minister of Finance and Economic Affairs, Christopher Sinckler, please click here. Article compliments BGIS.
Mr. Gregory McConnie – President’s Address BIBA Luncheon Seminar July 22, 2016
President’s Address BIBA Luncheon Seminar July 22, 2016 by Mr. Gregory McConnie BIBA President Protocol having being established, good afternoon ladies and gentlemen and thank you for joining us for our luncheon seminar. It gives me great pleasure to greet all of you this afternoon. I must truly thank Senator the Hon. Darcy Boyce for taking the time out to engage and inform us about the function of his new role, the approaches he intends to employ, as well as receive feedback on the very serious issues affecting the way business is done in Barbados. The topic is a timely one as business facilitation is in our view the most pressing issue to be addressed. We see two main elements to business facilitation, certainty of process and agility. All users of services provided by both the private and public sectors require consistency and certainty of process in order to be able to effectively manage their affairs. This means having timeframes within which transactions are processed and delivering on them, every time. This is particularly important for the international investor where Barbados is competing against other jurisdictions for their business. Barbados must demonstrate that it can meet the high standards of service expected by international business investors and practitioners, and that it can do so consistently if it is to continue to be perceived as a high quality jurisdiction. Agility, the other aspect of business facilitation that is vital to being able to compete effectively for international business, includes initiating and implementing legislative changes and effecting the relevant business process changes in relatively short timeframes after new legislation is passed. While other jurisdictions have been able to implement new initiatives quickly, like the new LLC legislation recently passed in the Cayman Islands and similar legislation planned for Bermuda, in Barbados the Private Trust Companies and Foundations vehicles legislation have been passed but still cannot be utilized and the implementation of Incorporated Cell Company legislation has not been smooth. Our timeframes for execution must be measured in days and weeks rather than months and years. Wherever there is adversity there is generally also opportunity, and amongst the externally imposed challenges arising from BEPS, the Panama Papers and “de-risking” opportunity lies. There is no doubt in my mind that the IB Sector in Barbados can take advantage of these to expand and grow exponentially under the right conditions. However, we need to step up our game if we are to really take advantage of the opportunities available. Just this week the Central Bank of Barbados released its review of Barbados’ economic performance for the first six months of 2016. Part of the review stated that there was a 3 percent decline in the number of international business and financial services (IBFS) licenses granted during the first half of the year. Of course we know that this statistic by itself is not cause for alarm because many new companies doing international business are opting to operate as regular Barbados companies to take advantage of our tax treaties, rather than as licensed entities. However, one of the main statements made by Central Bank Governor Dr DeLisle Worrell which stood out was that Barbados’ foreign exchange reserves fell by a further $43 million to $884 million. It has fallen consistently over the past 5 years by about 40% from the 2011 levels of $1.4 billion. It should be known by now that the international business sector is the most reliable and consistent earner of foreign exchange for Barbados. This sector contributes has been $1billion to Barbados Gross Domestic Product annually. That is all foreign exchange because this sector earns no revenue from Barbados. Again, there is potential but we need to address business facilitation issues first and we need to address them immediately. Therefore, BIBA welcomes the recent appointment of Senator Boyce to provide that dedicated effort towards reducing, if not eliminating, the difficulties currently being experienced in doing business on this island. In support of Senator Boyce’s business facilitation role, BIBA intends to work collaboratively with the key Government departments to ensure that everyone involved understands the potential that the IB sector holds for Barbados’s growth, while we seek to understand the challenges those departments face when interacting with the private sector and share with them the challenges the private sector encounters, with the intention of working together to develop solutions to the issues identified. As a nation celebrating 50 years of independence we need to commit ourselves to making Barbados the easiest place for doing business in the world. This is not just the responsibility of the government but it should be a national commitment so that every man and woman sees himself or herself as having a responsibility for making this a reality and will approach their work whether it be in the private or public sector with a mindset that says I am helping to generate business activity in my country that will lead to the creation of jobs, and the generation of government revenues that will go towards financing healthcare, education and other social programmes. Thank you for your time and interest.
The Canada – Barbados Connection
Canada celebrates its 150th year of Confederation on July 1, 2017. Similarly, Barbados just celebrated its 50th Anniversary of Independence on November 30, 2016. On the occasion of these two great milestones we take a close look at a close friendship and partnership that has grown between these two former British colonies. Trade and investment, as well as political and social alignment between Canada and Barbados had led to the development of a mutually beneficial partnership. With Canada’s help, Barbados has grown a high quality International Business sector that started out as an idea in the mid-1960’s and today has become the second largest contributor to the country’s foreign exchange earnings. Similarly for Canada, by using Barbados as a hub for international business Canada’s economy has grown globally, is now a net exporter of capital and has become a leading international business competitor with products and services distributed right around the world. The development of this modern and synergistic relationship stems back to the 1700’s with very humble beginnings in the trade of salt fish and lumber for rum, sugar and molasses. The Canada-Barbados Connection.pdf (1.09 MB) Compliments Central Bank of Barbados.
New Location for BGIS, FTC
Members of the public are advised that the Barbados Government Information Service (BGIS) has relocated to the Old Town Hall Building, Cheapside, Bridgetown, and has changed its telephone numbers. The PBX is now 535-1900, while the Chief Information Officer may be reached at 535-1917. The Deputy Chief Information Officer may be contacted at 535-1939, and the BGIS’ new fax number is 535-1937. Additionally, effective Monday, March 13, the offices of the Fair Trading Commission (FTC) will be temporarily relocated to the 2nd floor, Cedar Court, Wildey, St. Michael. The FTC’s telephone number remains 424-0260. Article compliments Invest Barbados.
Canada’s Only Captives & Corporate Insurance Summit
BIBA is delighted to be a partner with the 13th Annual Canadian Captives & Corporate Insurance Strategies Summit. Risk Managers: Maximize Insurance ROI, Mitigate Risks and Reduce Costs It is the must-attend event for risk managers, current and prospective captive owners, captive managers, and others working in risk management and corporate insurance. Whether you’re just considering a captive or looking to fine tune your captive strategy, this conference has something to offer you. Keep abreast of regulatory changes, tax updates and innovative investment strategies. Learn and network with industry experts including: Gary Pearce, Vice President Risk Management, Kelly Services Inc. Bruce Langille, Managing Director of Risk Management & Security Services, Province of Nova Scotia Cynthia Johansen, Registrar/CEO, College of Registered Nurses of British Columbia Zach Finn, Director, Davey Risk Management & Insurance Program, Butler University Dan Kugler, VP Enterprise Risk Management, The REV Group Develop a blueprint to realize cost savings, maximize insurance ROI, investigate domicile opportunities and much more! Ensure you know how to enhance your insurance risk capabilities. Download the Brochure Now Register with VIP Discount Code BIBA20 to receive 20% off registration* View Speakers Register Now Why Attend To register or ask a question: Call: 1 (866) 298-9343 x 200 Email: email@example.com Website: www.captivesinsurance.com See you at the Summit! The BIBA Team Follow the summit on Twitter: @RiskInsuranceCA Join the LinkedIn Group: Canadian Captives & Corporate Insurance Strategies *Discount cannot be used in conjunction with any other offer and is only valid on new registrations
STATEMENT FROM THE BARBADOS PRIVATE SECTOR ASSOCIATION FOLLOWING THE SOCIAL PARNTERSHIP MEETING ON FRIDAY MARCH 4 2017
The Barbados Private Sector Association (BPSA) has for many months expressed its concern about the financial situation facing Barbados and therefore welcomed participation in today’s meeting of the Social Partnership on the economy of Barbados held at the Lloyd Erskine Sandiford Centre. Following an informative presentation by the Acting Governor of the Central Bank, Cleviston Haynes and submissions by the Prime Minister and other leaders of government, labour and the private sector, the BPSA is encouraged that the parties have come to consensus on the seriousness and urgency of the financial situation and agreement to jointly chart a path forward. The BPSA firmly believes that we must collectively move beyond talk to establish and implement clear strategies and action plans for recovery which will be critical to building confidence within the local private sector and the general public and externally among investors and the international financial community. It is also our hope that each citizen can be inspired to play their part in a recovery for their own benefit and that of our beloved country. In today’s Meeting of the Social Partnership there was consensus that the downward trajectory of the foreign reserves and the persistently high fiscal deficit should be prioritised for immediate action. Two working groups were set up to deal with these two matters, and the BPSA has assigned representatives. In this regard, Roseanne Myers, President of the Barbados Hotel and Tourism Association and Donna Wellington, President of the Bankers’ Association have been appointed to the Foreign Reserves Working Group while David Small from the Banking Sector and Charles Herbert, Chairman of the BPSA will serve on the Fiscal Deficit Working Group. The BPSA is also committed to participating in the proposed Economic Advisory Council, if asked and six Efficiency Teams under the Barbados /Competitiveness Action Team Framework to look at operating efficiency within various Government departments. It was agreed that these working groups which met immediately following today’s morning session will provide analysis and report back to the Chairman of the Social Partnership thereafter to produce recommendations for further action. The recommendations will go to Cabinet within two weeks with the first recommendations and continue of Barbados for immediate consideration and response. The BPSA stands ready to support implementation wherever possible.