By Baron Laudermilk
The Barbados government is attempting to significantly improve the island business and investment environment to attract and retain foreign direct investment, said the territory Minister for International Business, George Hutson.
Hutson said at the beginning of the International Business week, he Ministry is cognizant of the need to address such issues in order to attract and retain business, and therefore, will continue to intensify its efforts to engage the relevant ministries and departments of government, service providers and other relevant stakeholders with a view to implementing initiatives to facilitate business activities in Barbados throughout their life cycle. /p>
Hutson told the crowd at the launch of International Business Week that the government had recently formed a task force to create the first draft of a new strategic plan to exploit new opportunities that arise when global economic conditions improve. This plan could include decreasing taxes in certain areas, creating tax incentives to bring over foreign investment, and investing domestic infrastructure.
He went on to say that the government recent efforts to expand the territories network of double tax agreements, which will obviously simplify international and cross-boarder trade and investment, and it will also eliminate the risk of income received from the economic engagements being taxed twice. The Minister said to data a total of 31 agreements have been signed, and the country is on the verge of signing additional pacts with Bahrain, Singapore, San Marino, the Slovak Republic and Qatar.
Moreover, as part of its efforts to enhance the territory standing as a reputable international financial hub, Hutson said that the territory is close to receiving recognition for having introduced internationally-agreed standards in the area of tax information exchange. Hutson confirmed that a final phase 2 reviews under the Organization for Economic Cooperation and Development Peer Review Process would begin in early 2013. He said that the government is allocation significant manpower to ensure that the process confirms that the nation exchanges in tax information with other nations effectively works.
This is good news for foreign investors who are looking to move their wealth or make investments towards the West. As the Cayman Islands increases their taxes and hikes the fees to get in line with their budget goals, investors may consider going to Barbados where the country is actually trying to attract foreign investment instead of raising its taxes and fees.
