Barbados is on the cusp of developing a strong relationship with the Slovak Republic.
This is the view of International Business Minister, Donville Inniss, who has restated that this country prides itself on being a jurisdiction that is treaty-based.
Speaking recently at the signing of a Double Taxation Agreement (DTA) with the Slovak Republic at Hilton Barbados, Mr. Inniss emphasised that the real economic activity takes place when Barbados signs DTAs, as it brings a level of certainty to international investors who do business around the world.
“Whilst other jurisdictions may focus quite a bit on a tax rate and related issues, Barbados has historically focused on building out our international business and financial services (IBFS) sector that is based on tax treaties and DTAs.
“This one that I am signing on behalf of the Government and people of Barbados brings it to number 37, which is a significant number for a small domicile like Barbados…,” he maintained.
At the same time, the Minister urged those gathered to reflect upon the level of seriousness that this country attaches to the IBFS sector, as Government believed that the sector has even more potential.
“In order to make and facilitate companies going global, they need these kinds of arrangements, as it brings a level of certainty to the operation, a lot of protection and certainly it is a good way of efficient tax planning,” he pointed out.
Mr. Inniss said he expected emanating from the ceremony that both Barbados and the Slovak Republic, through their private sector, would commence investments across the world. He explained that Barbados should be able to attract companies from the Slovak Republic to come either into Barbados to invest, or invest globally through Barbados into the other 36 countries with which Barbados has treaties.
“We firmly believe that Barbados can continue to be an excellent conduit through which International Business and Financial Services will flow and grow. And, it is treaties and agreements like these that certainly send the right signal to the international arena that we are a jurisdiction of substance and serious business,” he underscored.