WITH BARBADOS?listed as the beneficiary of a whopping CAN$59 billion (BDS$114 billion) in Canadian investment, Minister of International Business Donville Inniss yesterday admitted that any attempts by Canada to crack down on this would be cause for concern.
“We are and would be concerned about any action being taken by any jurisdiction from whence we get business,” Inniss told the SUNDAY?SUN. “Since the majority of our international business comes from Canada, we would definitely be concerned if the Canadian authorities take any action which would be harmful to our jurisdiction.”
He was responding to Press reports that the Canadian government was moving to stem the flow of the $80 billion (BDS$154 billion) a year in uncollected tax which it is losing due to nationals funnelling money to accounts in offshore tax jurisdictions, the so-called tax havens.
The Canada Revenue Agency has created a “SWAT?team” and is reinvesting $30 million (BDS$58 million) over the next five years as part of its effort to crack down on Canadians avoiding taxes by having accounts hidden in these places.