Caribbean News Now
by Global News Staff
Barbados Prime Minister Freundel Stuart
Barbados — Barbados will amend its Income Tax Act to fully implement its national policy on transparency and demonstrate its commitment to the G20-endorsed OECD standard on the exchange of information for tax purposes.
Prime Minister Freundel Stuart
The announcement was made recently by Prime Minister Feundel Stuart, who insisted that the amendment will expand the scope of the tax information exchange provisions in the existing double taxation treaties to meet the new OECD standards as expressed in article 26 of the OECD model.
In addition, the amendment will enable Barbados unilaterally to exchange tax information with countries with whom it has initiated or signed a new treaty or protocol, but such treaty has not yet been ratified by the other contracting state.
According to the prime minister, the government of Barbados, is concerned that, despite its highly successful and aggressive programme of negotiating tax treaties reflecting the new OECD standard on transparency and tax information exchange, some of these treaties are still awaiting signature and in some cases ratification by other treaty partners.
