Barbados Defies EU Blacklisting
by Mike Godfrey, Lowtax.net, Washington
25 June, 2015
Barbados is prepared to challenge its inclusion on the recent EU tax "blacklist" of non-cooperative jurisdictions, the territory's Minister of International Business, Donville Inniss, has said.
Inniss spoke out against the EU blacklist, pointing out that the Barbados Revenue Authority had not received any requests for information from any of those countries that have blacklisted Barbados and he therefore questioned how the territory can be considered to have not been cooperative.
Inniss said the Government will hold bilateral discussions with the EU member states that regard Barbados as non-cooperative. "This issue is very critical to us because it hits at the heart of Barbados's reputation as a domicile for legitimate and serious international business and financial services," he said.
"This international business and financial services sector is extremely critical to this economy and society the last indicators are that [it] currently contribute[s] BBD900m (USD450m) to the Barbados economy, making [it] second to tourism in terms of [its] gross domestic product contribution."
Inniss also highlighted recent correspondence from the Head of the Global Forum on Transparency and Exchange of Information for Tax Purposes, Monica Bhatia, who distanced the organization from the EU blacklist in a document that was circulated to Organization for Economic Development (OECD) member states.
Bhatia's email said: "We would like to confirm that the only agreeable assessment of countries as regards their cooperation is made by the Global Forum, and that a number of countries identified in the EU exercise are either fully or largely compliant and have committed to the Automatic Exchange of Information (AEOI), sometimes even as early adopters."
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