After the signing of a Double Taxation Agreement (DTA) with Barbados’ Minister of International Business Donville Inniss, Italy’s Ambassador to Barbados Paolo Serpi admitted that the blacklisting of Barbados by the Republic of Italy was an unfortunate mistake.
In June 2015, Barbados and other islands in the Caribbean were named on a blacklist by the European Union as non-cooperative territories. Serpi said that the DTA signing was “the way to open another door for our cooperation”. The Ambassador mentioned that Barbados’ removal from the blacklist was important on both sides and stressed that his country was committed to working more closely with Barbados in the International Business arena.
Minister Inniss expressed optimism that Barbados could soon be removed from Italy’s blacklist given the continuous efforts at strengthening bilateral relations by the two countries. He stated, “I think you will agree that our persistence which has led to this important moment demonstrates a shared commitment between us to create the environment, through a DTA, that would encourage greater economic and commercial relations”.
He emphasized that the Government of Barbados, working in conjunction with Italy, will ensure that the DTA enters into force in a timely manner, so that the exchange of tax information as well as trade and investment could be facilitated between the two countries.