Barbados

OECD approves Barbados' legislative and regulatory framework for tax transparency and information exchange


By added on 18/04/2012

Barbados' legislative and regulatory framework for the exchange of tax information has been endorsed by the OECD's Global Forum Peer Review process and the country continues to be recognized as meeting the international standard for tax transparency and information exchange, reports Market Watch. This ruling by the OECD allows Barbados to proceed to phase two of the evaluation process - a review that is scheduled for the first half of 2013.

"Barbados has worked hard to maintain its international standing as one of the world's pre-eminent international business centers and long embraced the need for transparency and the appropriate exchange of tax information," said George Hutson, Minister of International Business and International Transport. "Barbados is pleased that those efforts continue to be recognized by the OECD - previously, as the first independent Caribbean nation to be placed on the OECD's original white list through to this most recent ruling. Barbados will not rest on its laurels and is committed to the continued refinement of its international business environment."

As stated by the OECD, the international standard for tax transparency and exchange "is concerned with the availability of relevant information within a jurisdiction, the competent authority's ability to gain access to that information, and in turn, whether that information can be effectively exchanged on a timely basis with its exchange of information partners."

"Barbados has long been known for its ability to exchange tax information with its treaty partners and looks forward to working with the OECD within phase two of its Global Forum Peer Review process," concluded Minister Hutson.