Barbados' International Business Minister, Donville Inniss,
will not be "pulling any punches" at the upcoming Peer
Review Group of the Global Forum of the Organisation for Economic
Cooperation and Development in Paris.
At that meeting, Mr. Inniss and his team are expected to defend
Barbados' position since being blacklisted by the European
Union (EU), along with several other Caribbean countries, for being
an uncooperative tax jurisdiction.
In his address at a recent function, the Minister revealed that
he would head a delegation comprising staff of his Ministry's
International Business Division and the Barbados Revenue Authority,
along with key European Advisors.
While in Paris, the team will also attend the Steering Group
meeting of which Barbados is Vice Chair, and, according to him,
represent the "voice of small states engaged in the
international financial services".
He continued: "I expect that our meetings will be
successful and will lead to an enhanced reputation for our
domicile, and, by extension, more business for us."
Mr. Inniss further disclosed that he had received official
notice from the EU of its intention to publish a list of
uncooperative jurisdictions based on new guidelines developed by
To this end, he said that he and his team had already started
the consultative process to "protect Barbados' name and
reputation as a transparent and well-regulated
The International Business Minister added that Governor of the
Central Bank, Dr. Delisle Worrell, and a delegation were recently
in Canada, where they continued to engage with stakeholders on the
mutual advantages of doing business with Barbados.
The Minister disclosed that Mexico, Colombia and Latin America
generally, continue to open up a market. "And, next month we
will host a team from Cameroon in Africa for talks of tax and
Adapted from the Barbados Government Information
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Now that the United Kingdom has served notice to leave the European Union under Article 50 of the Lisbon Treaty, managers of offshore funds have a clearer timetable for when Brexit will happen, with the UK scheduled to leave the EU in March 2019.
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