Tuesday 18 December, 2018

Good news from the EU for Barbados

Minister of International Business Donville Inniss.

Minister of International Business Donville Inniss.

Barbados is no longer among the countries listed as non-cooperative tax jurisdictions by the European Union (EU).

This after the EU issued a statement today, announcing that the island was among eight no longer blacklisted, even though they will continue to be monitored by the body:

"Eight jurisdictions have been removed from the EU's list of non-cooperative jurisdictions for tax purposes, following commitments made at a high political level to remedy EU concerns.

"Barbados, Grenada, the Republic of Korea, Macao SAR, Mongolia, Panama, Tunisia and the United Arab Emirates are moved to a separate category of jurisdictions subject to close monitoring."

That statement further noted that the removal was a result of efforts made by the respective countries to address their concerns:

"The Council agreed that a delisting was justified in the light of an expert assessment of the commitments made by these jurisdictions to address deficiencies identified by the EU. In each case, the commitments were backed by letters signed at a high political level.”

Minister of Industry, International Business, Commerce and Small Business Donville Inniss, was among strong advocates against the move to place Barbados on the list of 17 non-complying countries last year.

 

Following the news of the EU's new position, the Ministry of International Business also issued a statement, stressing that they will work to ensure that Barbados continues to comply with international standards:

"It is important to note that while this augurs well for Barbados, the jurisdiction remains committed to the work that lies ahead. Barbados continues to forge ahead in ensuring that it is a well-regulated jurisdiction that is well-known internationally for compliance with international standards whilst positioning itself to be a jurisdiction of choice in the international financial services sector. 

"This is critical as this sector is crucial to the sustainability and growth of this island’s economy and the enhancement of its standard of living and social advancement."

Minister Inniss is heading a small team in Paris where tomorrow, January 24, 2018, he will sign the Multi-lateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (Base Erosion and Profit Shifting), at the headquarters of the Organisation for Economic Cooperation and Development (OECD). 

Meanwhile, Caribbean neighbours such as Trinidad and Tobago and St Lucia are among the nine countries which remain on the EU's list of non-cooperative tax jurisdictions.

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