Importance of international business to the island being appreciated by global community

THERE seems to be a growing appreciation within the international community about the importance of international business to the Barbados economy.

So said Donville Inniss, Minister of Industry, International Business, Commerce and Small Business Development.

He has told a conference sponsored by the Institute of Chartered Accountants of Barbados (ICAB) that this appreciation came across to him following the forum of the Harmful Tax Practice held in Paris (France) last Thursday.

Small countries like Barbados have not been seeing eye to eye with some in the global community on the sector. The global community led by agencies including the Organization for Economic Cooperation and Development (OECD) based in Paris, have accused the small domiciles as being uncooperative and engaging in harmful taxation practices. About two years ago some European Union member countries had weighed in on the matter as well, resulting in Barbados and some of the islands in the Caribbean being blacklisted for non-cooperation.

However, Inniss said that he is very heartened about the appreciation shown at the recent forum. The Minister said that his Ministry recently responded to correspondence to the European Union which he feared may be taken up and used against Barbados as being non-cooperative.

He wants his Ministry to submit a detailed report to a meeting of the Barbados International Business Association (BIBA) which will be held on Friday, and to allow for feedback from members. Terming this as critical even for those are not familiar with the sector given they are not involved in the day to day operations.

The Minister said that it is important “we share with you point by point the areas of concerns that we have or that the OECD has,” and that there be constructive dialogue and feedback on the sector. (JB)