Barbados and Guatemala could soon be engaging in discussions towards negotiating a Double Taxation Agreement (DTA) between the two nations, which have enjoyed a long and rich history.
This was intimated when Guatemalan Ambassador Giovanni Castillo paid a courtesy call to Barbados’ Minister of Industry, International Business and Small Business Development, Hon. Donville Inniss, at his office recently.
Minister Inniss, who expressed an interest in having a DTA with Guatemala, pointed out the advantages and business opportunities that would be gained from signing such an agreement.
“We see this as a way of naturally creating the kind of environment to facilitate more investment, we see it as one where some foreign direct investment going into Guatemala through Barbados because of our network of treaties with other countries, for example China, Canada and the United Kingdom… It also helps to facilitate Guatemalan business people who may opt to come into places like Barbados and do business,” he said.
Mr. Inniss also noted that Barbados prided itself as being a country that is very attractive for International Business and Financial Services. He indicated that several international companies could attest to this, as they were using Barbados as their headquarters or had established a corporate structure here.
Another advantage, according to the Minister, was that once the DTA and bilateral investment treaty for the protection of assets were in place, it would create the right environment or people to do business.
Ambassador Castillo also visited with Barbados’ Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean. Senator McClean also welcomed the opportunity to strengthen the existing ties between the two countries. The management of UNESCO Heritage sites was one of the topics discussed during the Ambassador’s visit with Senator McClean.
Barbados currently has 34 DTAs in force.