Barbados and Sweden sign new tax protocol

By added on 15/01/2013

Barbados and Sweden have signed a protocol to amend the Convention for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income, according to a press release.

The Ministry of International Business and International Transport has issued a statement confirming that the Protocol to Amend the Convention for Double Taxation Agreement (DTA) between the two countries entered into force on December 12, last year, in accordance with Article III.2 of the Protocol, after being signed on November 3, 2011.

It stated that the entry into force of the Protocol to the DTA represented Barbados' firm strides to expand its treaty network, and also signalled the country's willingness to foster closer ties with Sweden and Northern Europe.

It further noted that Barbados continued to aggressively promote itself as a legitimate international business and financial services centre.

"Its [Barbados'] distinction as a service economy and a strategic base for onward investment into other markets has made it an attractive jurisdiction for conducting business. It is on this basis that opportunity should be capitalised upon to cultivate a strategic business alliance which would benefit both Barbados and the Kingdom of Sweden," the statement said.