By Adam Skuse
Barbados and Sweden entered into a double taxation agreement (DTA) towards the end of 2012, the Barbados Ministry of International Business and International Transport confirmed in a recent statement.
The Protocol to Amend the Convention for Double Taxation Agreement between the two countries entered into force on December 12 last year, in accordance with Article III.2 of the Protocol, after being signed on November 3, 2011.
The statement said the entry into force of the Protocol to the DTA represented Barbados' firm strides to expand its treaty network, and also signaled the country's willingness to foster closer ties with Sweden and Northern Europe.
It further noted that Barbados continued to aggressively promote itself as a legitimate international business and financial services center.
Towards the end of 2012, Barbados signed a double tax agreement with Bahrain, on December 3, and with San Marino, on December 14.
China and Barbados have had a DTA since May 2000. It was amended in 2010.
Barbados also has DTAs with the Caribbean Common Market (Caricom), the United States, Canada, the United Kingdom, Finland, Norway, Malta, Sweden, Switzerland, Austria, the Netherlands, the Seychelles, Mexico, Panama, Luxembourg, Spain, Cuba, the Czech Republic, Venezuela and Mauritius.
The ministry said such agreements also facilitate joint ventures, reduce taxes and business-related costs, facilitate the exchange of tax information, and reduce the fiscal impediments to cross-border trade and investment.
In addition, it has signed treaties with Ghana, the Czech Republic, Iceland and Portugal, and these are awaiting ratification. Barbados has also initialed treaties with Italy, Spain and Vietnam. Discussions are continuing towards finalization of similar conventions with other nations, including Belgium, Brazil, Chile and India.
