Offshore sector ‘bearing fruit’
DESPITE THE IMPACT of the global economic and financial downturn, Barbados’ international business and financial services sector continues to be a major revenue earner.
According to the Minister of International Business Donville Inniss, while revenues from offshore banks and international insurance companies declined in 2012, there was a marked improvement in the contribution by international business companies and societies with restricted liability.
He said the increase in the registration of new entities in these two categories was now bearing fruit and an 11 per cent increase in tax revenue had been achieved.
“The effect of this limited growth is a direct result of efforts by Government to secure new investment from diverse markets over the last five years as well as an increase in use of non-licensed entities as part of the tax-planning and business development aspect of IBFS,” he said.