Country Rankings - Barbados
Jun 29, 2015 Barbados: fights backAnother week, another foul-up by the EU, or, more accurately its executive arm, the European Commission, it would appear. I seriously wonder sometimes, when you fly in to Brussels Airport, or approach the city on the Eurostar from London for example, whether one enters a parallel universe, and leaves it again upon departure. It’s the only way I can explain how detached from the real world the Commission and its army of (unelected) officials seems to have become. To think, as the Commission does, that the CCCTB has a realistic chance of becoming reality more or less confirms this, as does its belief that the recently launched Corporate Tax Plan will improve the EU’s business environment. The fact that the EC made even the OECD wince with the publication of its controversial blacklist of non-cooperative jurisdictions must be some indication. OECD tax chief Pascal Saint-Amans’s letter to Global Forum members actually suggests that they should defend these mainly-offshore territories if asked to comment on the EU blacklist by the media, because all are compliant, or largely compliant with international standards. Well done Brussels, that’s some achievement! Not only this, but, as Bermuda’s Minister of Finance Bob Richards implied, the EU blacklist – itself compiled from the blacklists of a number of member states – is a bit like the pot calling the kettle black. "At least five of those 11 EU member states that have us on their national blacklist have not performed their obligations in one way or the other,” Richards observed. Bermuda, on the other hand, can exchange information with all G20 countries, all OECD countries except for one, and all EU countries except for two. Richards pointed out that those three EU countries have not signed the international standard on tax matters, the Multilateral Convention – unlike Bermuda. I really should award the EU yet another execration for its serial offending. But I’m going to turn the tables somewhat, and instead bestow an encomium on one of the victims, Barbados, which, fearing for its reputation as a result of being named on the blacklist, has chosen the bite back at the EU with more than just a strongly-worded media statement.