Invest Barbados

Invest Barbados

April 17, 2012 12:32 ET

OECD Approves Barbados' Legislative and Regulatory Framework for Tax Transparency and Information Exchange

Barbados Progresses to Phase 2 of the OECD's Global Forum Peer Review Process Phase 2 to Be Completed in First Half of 2013

BRIDGETOWN, BARBADOS--(Marketwire - April 17, 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. 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.

About Invest Barbados

Invest Barbados (IB) is an economic development agency of the Government of Barbados. IB is responsible for attracting, winning and sustaining investment for Barbados. The agency is also responsible for promoting the export of indigenous services and goods while managing and developing the Barbados business brand.

Contact Information

  • For more information or to arrange for an interview
    with a spokesperson for Invest Barbados, please contact:
    Mansfield Communications, Rob Ireland
    225 Richmond Street West, Suite 302, Toronto ON M5V 1W2
    416.599-0024 ext. 241