Barbados is a signatory to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, reinforcing its reputation as a fully transparent international business and financial services centre. Barbados is also a signatory to the Multilateral Competent Authority Agreement.
The signings took place recently in conjunction with a meeting of the Committee of the Organization for Economic Cooperation and Development’s (OECD’s) Global Forum on Transparency and Exchange of Information for Tax Purposes, which was held at the Hilton Barbados Resort on October 29 and 30.
“Transparency and the exchange of tax information between governments has long been a strength of Barbados and it is a cornerstone of our reputation as a leading, low-tax financial centre,” said Donville Inniss, Barbados Minister of Industry, International Business, Commerce and Small Business Development, and Vice Chair of the Steering Committee of the OECD’s Global Forum. “… It is important because it reinforces our commitment to transparency and to the full participation of Barbados within discussions regarding international tax matters.”
Noting that Barbados was the 74th signatory to the Convention, Mr. Inniss said that this meant there were 73 other countries with which Barbados could exchange information.
“So this is a very significant step for Barbados. It certainly helps to solidify our reputation as a domicile of choice and of serious and professional work. I believe that our partners in the international business sector, the Barbados International Business Association, and their constituents will find great satisfaction in this, because it is all part of creating an enabling environment in which they can do business,” the Minister emphasised.
In reference to the signing of the Competent Authority Agreement, Minister Inniss said, “What we witnessed here is the signing of the Competent Authorities, which will be the agencies in each country that will be responsible for collecting information on tax and sharing it across the world. So, for example, I would have signed on behalf of Barbados on to the Convention that will allow Barbados to in principle agree to sharing information on tax affairs across borders within the Global Forum arrangement.”
He further pointed out that the Competent Authority in Barbados is the Barbados Revenue Authority, led by Revenue Commissioner, Margaret Sivers, who signed on its behalf.
Along with Barbados, the jurisdictions which signed on to the Agreement are Belize, Bulgaria, Grenada, Japan, Marshall Islands, St. Vincent and the Grenadines, St. Lucia, Samoa, St. Maarten and Antigua and Barbuda.