McClean concerned about service
The?Leader of Government Business in the Senate today expressed concern about the quality of service in Barbados as she introduced the International Financial Services (Amendment) Bill and the International Business Companies (Amendment) Bill.
Admitting that some international business companies had moved out of Barbados, which was described as a low tax jurisdiction and headed to other countries which were zero tax jurisdictions, Senator Maxine McClean said the Bills were to reduce the tax schedules and to enhance the competitiveness of the sector.
She added that the amendments would also seek to minimise the fall out from the change of tax rules in the Canadian market still considered Barbados’ major market.
The Senator pointed out that there had been a decline in corporate taxes paid by the sector from 186 million in 2010/2011 to $161 million up to this time for the financial year 2011/2012.
However she said this reduction could also be explained by the performance of companies which pay taxes, pointing out that the profitability of some companies may have been affected downwards due to the economic climate.
She explained that the sector still accounted for seven and a half per cent of gross domestic product (GDP) which amounted to more than $500 million.
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