Barbados Commits To Amend Tax Treaties To Block BEPS
by Mike Godfrey, Lowtax.net, Washington
26 January, 2018
Barbados has become one of the latest jurisdictions to sign the BEPS multilateral instrument (MLI) to incorporate provisions within its tax treaties to counter base erosion and profit shifting.
Barbados was joined by Cote d'Ivoire, Jamaica, Malaysia, Panama, and Tunisia.
The MLI modifies the application of thousands of bilateral tax treaties concluded to eliminate double taxation by implementing agreed minimum standards to counter treaty abuse. It also improves dispute resolution mechanisms and provides flexibility to accommodate specific tax treaty policies.
The MLI was signed at the OECD's Paris headquarters by Donville Inniss, Barbados's Minister of Industry, International Business, Commerce, and Small Business Development. Ahead of his trip to Paris, Inniss underlined the importance of Barbados continuing to position itself as a jurisdiction that meets international tax good governance standards, whilst also being a jurisdiction of choice in the international financial services sector.
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