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Barbados to host Global Forum workshop

Barbados to host Global Forum workshop Minister of International Business and International Transport George Hutson speaking at last week’s launch of IB Week. (FP)

Mon, October 22, 2012 - 12:01 AM

BARBADOS WILL HOST a workshop next month aimed at assisting Caribbean countries with their preparations for the second phase of the Global Forum Peer Review, Minister of International Business and International Transport George Hutson has announced.

Hutson told the launch of International Business Week last week that Barbados had moved on to Phase 2 of the Global Forum Peer Review, which was scheduled for the first quarter of 2012.

 “The review will seek to determine whether the legal and regulatory framework allows for the country to effectively exchange tax information in accordance with the international standard,” he said.

 The Paris-based Organization For Economic Cooperation And Development (OECD) Global Forum Peer Review is the main mechanism for assessing the effectiveness of tax information exchange agreements (TIEAs).

 The Global Forum agreed on establishing a peer review group (PRG) to develop the methodology and detailed terms of reference for a robust, transparent and accelerated process. The PRG is chaired by France and includes India, Japan, Jersey and Singapore.

 Hutson said that the government had approved the setting up of a committee to ensure a smooth and successful transition through the Phase 2 process.

“My ministry, in collaboration with the global forum, will be hosting a workshop next month in Barbados which will be geared to assist Caribbean countries with preparations for the global forum’s Phase 2 review,” he added.

Hutson said that Barbados’ network of tax and investment treaties continued to play a critical role in defining its competitive advantage as an international business and financial services centre.

“As of September 19, 2012, Barbados had 31 double taxation agreements (DTAs) in force with major countries and trading partners,” he said, adding that DTAs with Bahrain, Singapore, San Marino, the Slovak Republic and Qatar were initialled and awaiting signature.

Hutson also announced that a task force has been formed with strategic partners to the international business sector to follow up on crafting the new strategic plan that would run from 2013 to 2017 and exploit new opportunities when there are improvements in the global economy. (CMC)

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