International tax policies working to detriment of smaller countries
BARBADOS is not at all happy with industrialised nations whose policies and legislative reforms influence tax administration and regulation in developing countries.
And Minister of Finance Chris Sinckler is of the opinion that the sovereignty of countries with similar economies like Barbados can be threatened and compromised.
Sinckler expressed his concern on the opening of the five-day Commonwealth Association of Tax Administrators (CATA) 37th Annual Technical Conference this morning at the Hilton Barbados.
“It is particularly interesting that you meet at a time when the process of international tax administration practice, policy and legislative reform seems to be creating an ethos where instead of strengthening the pillars of sovereignty and self-determination, rather seem to be undermining these systems and creating a frustrating element of uncertainty and exasperation across many countries,” he said.
The minister said CATA conferences should be used to fashion an action plan and position on international tax matters, “with the aim of CATA becoming a catalyst for its members not only at the Global Forum, but in all similar international oversight and regulatory bodies”. (JS)