Barbados Signs TIEA with Denmark, Faroe Islands and Greenland

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    Barbados Signs TIEA with Denmark, Faroe Islands and Greenland

    PR Newswire

    BRIDGETOWN, Barbados, June 30, 2011 /PRNewswire/ —

     

    – DTA Initialed with Iceland, and Protocols to DTAs with Sweden,
    Norway and Finland also Initialed

     

    Barbados has initialed Tax Information Exchange Agreements
    (TIEA) with Nordic Council member Denmark and its dependencies
    Greenland and the Faroe Islands.

    Commenting on this development, the Minister with responsibility
    for International Business and International Transport, Minister
    George Hutson, M. P., confirmed that Barbados intended to move
    quickly to have these agreements brought into force as they are
    important means of pursuing the country’s longstanding policy of
    facilitating the reciprocal exchange of tax information. He noted
    however, that as a tax-treaty based jurisdiction with a worldwide
    system of taxation, Barbados’ would continue to pursue the
    negotiation of Double Taxation Agreements (DTA) with its OECD
    Global Forum partners in order to apply the international standard
    on tax information exchange and support the country’s economic
    development.

    Minister Hutson commended the Nordic Council on their approach
    to the OECD Global Forum’s work on implementing the international
    standard on tax information exchange. “We think that where
    sovereign states have a choice about what kind of instrument to use
    to codify the globally accepted standard on information exchange
    with respect to tax matters it is important that the process admit
    the possibility of dialogue as the best approach, especially where
    one country expresses an interest in using an instrument that will
    not only apply the standard but could support the economic
    development strategies of both countries,” noted the Minister. In
    that context the Minister said that Barbados was heartened by
    Denmark’s openness to tax treaty talks, expressed during the just
    concluded negotiations.

    Speaking about the work of the OECD Global Forum to date,
    Minister Hutson remarked that Barbados’ experience with Denmark and
    its dependencies demonstrates the importance of the Forum in
    facilitating bilateral talks aimed at applying the international
    standard in the context of supporting the efforts of member states
    to rebuild and strengthen their economies in the wake of the
    economic recession.

    Barbados also initialed a tax treaty with Iceland, and protocols
    to its existing tax treaties with Sweden, Norway and Finland.
    In-keeping with its policy on information exchange with respect to
    tax matters, these agreements will allow both Barbados and the
    Nordic Council members to apply the Global standard on a reciprocal
    basis.

    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.

    For more information or to arrange for an interview with a
    spokesperson for Invest Barbados or American World Clinics, please
    contact:

    Karen Nussbaum
    Mansfield Communications
    225 Richmond Street West, Suite 302
    Toronto ON M5V 1W2
    +1-416-301-3193, karen@mcipr.com