Barbados and Cyprus to negotiate DTA

By added on 10/03/2015

Barbados and Cyprus have announced that they are to begin negotiating a double taxation agreement (DTA) to strengthen economic relations between the two territories, reports Tax News.

Barbados Prime Minister Freundel Stuart noted that although diplomatic relations between the two countries were established in 1972, economic opportunities have yet to be fully explored. He identified financial services and tourism as common areas in which Barbados and Cyprus could learn from one another.

Last month Barbados called on the Community of Latin American and Caribbean States (CELAC) to work together to increase awareness of the important global economic contribution of small Caribbean international financial centers (IFCs). Representatives from the territory had reported that Barbados had struggled to enter into tax deals with other territories due to misconceptions surrounding Caribbean IFCs.