Barbados To Breathe New Life Into Financial Center
by Mike Godfrey, Lowtax.net, Washington
27 February, 2014
Barbados has unveiled a new five-year strategic plan to boost the international business sector.
The plan, approved by Cabinet, looks to achieve a 40 per cent increase in foreign exchange earnings from the international business sector, a 40 per cent increase in revenue from corporate and personal income tax, the creation of 2,000 jobs, and the registration of 2,000 new corporate entities.
According to Barbados Attorney General Adriel Braithwaite, who discussed the plan in more depth at a Barbados International Business Association luncheon, Barbados will look to register 50 new foundations and private trust companies, conclude 20 new double tax agreements, and 15 new Investment Protection Treaties.
The territory also plans to complete the drafting of key legislation - the Foundations Legislation and Private Trust Company Legislation - by the end of the year, and improve and modernize the functioning of the Corporate Affairs and Intellectual Property Office.
Braithwaite told attendees: "We are still open for business. Government is still aware of the value of the sector to us as a country."
Separately, Central Bank Governor DeLisle Worrell explained that expanding Barbados treaty network is a key part of the five-year plan. By almost doubling the 24 double tax agreements the territory has signed, Barbados hopes to secure access to new markets. Presently, Canada is Barbados's main source of international financial services business. Negotiations have been initiated with Mexico and Panama, he said.
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