In spite of the challenges from large developing countries, assurance has been given that Barbados remains committed to the International Business and Financial Services (IBFS) sector.
This is according to Prime Minister The Right Hon. Freundel Stuart, Q.C. who used the opportunity recently to commend Minister of International Business, Hon. Donville Inniss, for his tenacity in contesting the island’s blacklisting by some European countries.
“The sector is important to us. We are sticking to it and doing all to make sure that the benefits that the sector can yield are yielded for Barbados, because it has served us well ever since it was established.”
The Prime Minister cautioned that this will not be an easy task. “Because the onshore jurisdictions want the taxes paid at them and the offshore jurisdictions want the taxes paid at them as well. That is where the battle is.”
He further stated, “We decided to create an environment here in Barbados, a low tax environment, so that people who want to do business and do their business profitably would come here and do it and we say to them: Look, when you come here it is not only low taxes, you have charming people, we have a highly educated workforce in Barbados.”
He noted that Barbados will be represented at an upcoming Global Forum on the island in October and assured that representation will be made to ensure untoward decisions are not made against the island.
“The jobs created by the sector here, the tax revenue that we earn here is under daily challenge by those countries from which the investors come… We are not a place where people hide money; we’re not a place where people launder money. We are just a low tax jurisdiction, which is very clean and well regulated,” he stressed.