Barbados To Join Early Adopters Of Automatic Tax Info Exchange
by Mike Godfrey, Lowtax.net, Washington
02 November, 2015
Barbados has become an early adopter of the Convention On Mutual Administrative Assistance In Tax Matters, along with the Multilateral Competent Authority Agreement, with the Barbados Revenue Authority being named as the designated competent authority.
The announcements came at the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes, which was being hosted in Barbados.
The Prime Minister, Freundel Stuart, announced that: "Parliament has recently passed legislation to give effect to the US Foreign Accounts Tax Compliance Act, paving the way for Barbados to automatically exchange tax information with the USA," and that, as a result of the agreements: "We will be requesting a Supplemental Report, as we have taken action that we believe should lead to an upgrade of our overall country rating from 'Partially Compliant' to 'Largely Compliant.'"
Donville Inniss, Barbados Minister of Industry, welcomed the news by stating that it reinforced "commitment to transparency and to the full participation of Barbados within discussions regarding international tax matters," and that this represented "a cornerstone" in the country's "reputation as a leading, low-tax financial centre."
Early adoption of the Convention On Mutual Administrative Assistance In Tax Matters will mean that Barbados will begin exchanging tax information on an automatic basis from 2017, under the OECD's new international tax information reporting standard, the Common Reporting Standard.
See all of today's news