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Barbados To Sign BEPS Multilateral Instrument

by Mike Godfrey, Lowtax.net, Washington
20 October, 2017

Barbados says it is preparing to sign the BEPS Multilateral Instrument (MLI) to introduce into its tax treaty network provisions to counter treaty abuse.

The announcement was made by Donville Inniss, Minister of Industry, International Business, Commerce, and Small Business Development, during a recent conference address to delegates from the island's international business sector.

Innis said: "Instead of a bilateral treaty renegotiation process that would take decades, the MLI will allow the entry into force, in a shorter time span, of tax treaty-related BEPS measures," adding, "I am sure you will agree, that our country's tax treaty network has been one of the pillars on which the international business sector has stood."

The Minister also said the island's anti-money laundering and countering the financing of terrorism (AML/CTF) framework applying to the international business sector will be strengthened, and alluded to Barbados's forthcoming Mutual Evaluation report. He said the latter will be discussed at the Caribbean Financial Action Task Force plenary session next month, and updates and revisions to the national AML/CTF regime will be informed by the outcome of that exercise.

Inniss urged delegates to play their part, and said Barbados will refocus its efforts to ensure the island meets the relevant standards and is a jurisdiction of "substance."

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