Spain has removed Barbados from its tax haven blacklist, following protest by the island’s Ministry of International Business.
And International Business Minister Donville Inniss says he is hoping other countries will follow suit.
Barbados was among Caribbean countries recently listed by several members of the European Union (EU) as being non-cooperative tax jurisdictions.
“Barbados currently has 34 Double Taxation Agreements (DTAs) and this, to my mind, adds great value to our international business sector. Also, we are expecting a DTA with Italy and, over the next few weeks, formal negotiations on a tax treaty with Cyprus will commence in London, England,” Inniss said, adding that he would be leading the team to London to oversee the negotiations.
The minister said discussions are ongoing with those EU members which still have Barbados blacklisted, including Bulgaria, Croatia, Estonia, Finland, Greece, Italy, Latvia, Lithuania, Poland, Portugal and Slovenia.
Inniss disclosed that diplomatic notes have been dispatched to those nations to ensure they are aware of the errors in their listing, to formalize tax treaty relations with them, and to get Barbados off those lists.
Courtesy: Caribbean 360