Last Updated on February 24, 2020, 8:43 AM AST by Anthony Morris
The European Union has removed Barbados from the annexe 2 after Barbados has complied to and implemented all the necessary tax reforms and established itself as a reputable, transparent and compliant global financial centre.
While welcoming the decision of the EU to remove Barbados from the grey list, the CEO of Invest Barbados said that Barbados has stood by and delivered on its promise to implement the necessary changes. And that this is proof that the country is committed towards maintaining global standards and international tax transparency. Further, he added that the ongoing private sector collaboration and cooperation is very much evident from this, and this will help in ensuring that Barbados continues to become a jurisdiction of choice.
The EU said that Cayman was listed because investment funds based there did not show real economic activity on the British overseas territory.
The BFSB and AIBT in a joint statement said that the decision of EU is an acknowledgement of the fact that The Bahamas has taken all necessary steps and reforms to address the concerns regarding the economic substance and to remove the preferential exceptions and also the automatic exchange of tax information.
It was further added to the statement that Barbados has shown commitment to the implementation of reforms on the highest political level. To ensure that as a jurisdiction, Barbados complies with the international standards of exchanging information, prevention of financial crimes along with tackling harmful tax practices which will play an essential part in maintaining the value of Barbados as a well regulated international financial centre.
Barbados is amongst the 16 countries which have implemented the changes before time and, a total of 49 countries were required to implement these reforms.
Along with the Bahamas, the British Virgin Islands and Bermuda were also taken off the list.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
