Barbados on to Phase 2 of OECD global forum

By added on 16/04/2012

A supplementary report by the Organisation for Economic Co-operation and Development (OECD) global forum on transparency and exchange of information for tax purposes has affirmed that Barbados has satisfied all requirements under Phase 1 of its the Peer Review process, reports the T&T Guardian.

This now paves the way for Barbados to undergo its Phase 2 assessment in the first half of 2013, which will assess whether the framework allows for the effective exchange of information in practice. According to the OECD, Barbados is one of three countries to undergo a supplementary assessment, the other two being Bermuda and Qatar.

George Hutson, Minister of International Business and International Transport, stated that the supplementary report on Barbados was endorsed during the ninth meeting of the global forum peer review group in Brazil between February 27 and March 2, this year.