The island was also downgraded to a category 3 country by the UK government, implying a inability to meet international tax exchange standards. Which Sinckler noted was remature and ncludes some of the world uncooperative tax havens. /p>
This matter is made especially threatening for Barbados because penalties amounting to 200% of the tax evaded by enterprises judged to be non-compliant with UK tax laws will be applied on British firms operating in Barbados.
"There are people, countries if you will, in the international community, who want to shut Barbados down as an international tax jurisdiction. The constant changing of the goal post in relation to standards on transparency and the exchange of information with respect to the OECD, is as unwarranted as is the criteria and justification for the selection of Barbados from among hundreds of countries to be on a list of about 62 tax jurisdictions [that have been deemed to have] the potential to disrupt the international financial system," Sinckler said at the meeting.
Sinckler said that the island government will be meeting with G7 and G20 members in order "to build a coalition of states to resist these latest efforts of the OECD to challenge the good name of countries that are otherwise cooperating on international tax issues.
