Barbados International Business Association president, Julia Hope. (FILE)
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The threat of Barbados being branded a tax haven has been lifted by the Organisation for Economic Cooperation and Development (OECD).
But the country’s business regime will be under increased scrutiny from next year when the organisation’s Forum on Harmful Tax Practices (FHTP) starts monitoring if Barbados is complying with the standards to which it has committed.
In a decision welcomed by the Barbados International Business Association (BIBA), the OECD concluded that Barbados is one of a dozen international jurisdictions whose tax laws do not give them an unfair advantage.
Government introduced sweeping changes to the international business legislation in January, removing the distinction between domestic and international business, and slashing corporate tax rates, a move the OECD has now deemed “not harmful”. (SC)
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