Bridgetown, Barbados – June 12, 2025

Companies in Barbados that have failed to file their annual returns are being reminded that they are unlikely to benefit from any form of amnesty, according to Business Barbados, the government’s newly established corporate registry, intellectual property office, and business facilitation agency.

The issue of a possible amnesty for corporate entities facing penalties for late tax filings or those now attempting to regularise their records was addressed by Connie Smith, Chairperson of Business Barbados and Managing Director of corporate services firm VISTRA.

Speaking candidly at the Business Facilitation & Policy breakfast panel discussion—hosted by BIBA: The Association for Global Business at the Radisson Aquatica Resort—Smith stressed the importance of enforcing existing legislation.

“There are a lot of people who are facing penalties, and some still don’t even realise they are required to file annual returns,” she said. “This is a significant issue. People ask, ‘Why can’t we just grant them an amnesty?’”

Referencing remarks by Tameisha Rochester, Registrar and Officer-in-Charge at Business Barbados, Smith explained that the country must simply hold businesses and operators accountable under laws that are already in place.

“From an international perspective—particularly during assessments by global rating agencies or peer reviews—we are constantly told that Barbados has robust legislation. The problem is not the absence of laws; it’s our failure to enforce the existing legislation,” she said.

Smith emphasised that the inconsistent enforcement of regulations undermines the credibility of the country’s legal framework.

“When enforcement becomes optional or conveniently suspended, it weakens the system. It sends the message that penalties are negotiable, which makes our legislation appear ineffective. Why impose penalties if we routinely waive them when challenged?” she asked. *(I cleaned up Connie’s quote to make it read better. GE)

This lack of enforcement, she warned, not only damages the country’s reputation but also risks sanctions such as grey-listing or blacklisting by international regulatory bodies.

The panel discussion, moderated by Carmel Haynes, Executive Director of BIBA, also featured Registrar Tameisha Rochester; Kaye Greenidge, CEO of Invest Barbados; and Mark Hill, CEO of Export Barbados.

Smith also used the forum to call on key stakeholder organisations—including the Small Business Association, the Institute of Chartered Accountants of Barbados, BIBA, and the Barbados Chamber of Commerce & Industry—to actively engage in dialogue and public outreach as Business Barbados ramps up its national communication efforts. (BIBA)