From inception, Barbados was deliberate in building its international business sector on the strong foundation of treaty-based agreements that included provisions for the exchange of information.
Investors choosing Barbados as a preferred business jurisdiction do so, among other key reasons, for its high reputation anchored on the tenets of compliance, transparency and consistency. The OECD’s Global Forum, in its initial report published in April 2009, recognised Barbados as the only independent, Caribbean nation which had substantially implemented the internationally agreed tax standard. Barbados continues its commitment to the implementation of global standards.
Barbados is one of the first countries in the Caribbean to converge its local and international tax rates, making its tax system globally competitive, while bringing the country in line with the OECD’s Base Erosion and Profit Shifting (BEPS) Initiative. By implementing the new regime, Barbados has fulfilled its commitment to be fully compliant with the BEPS Action 5 addressing harmful tax practices.