16/08/21

BARBADOS: Jurisdiction joins OECD tax process.

As published on nationnews.com, Sunday 15 August, 2021.

Barbados has officially signed on to a controversial plan seeking to impose a minimum 15 per cent corporate tax rate on all countries, even though it has several concerns about the potentially harmful initiative.

With a “significant amount” of Government’s tax revenue now generated by multinational corporations which could be negatively impacted by the new deal, the Mia Amor Mottley administration has decided that it would be better to fight from “the inside” for a fairer deal.

The decision to join the two-pillar plan to reform international tax rules was communicated to international business sector participants last Monday during an online dialogue hosted by BIBA and Invest Barbados.

The Organisation for Economic Cooperation and Development (OECD), which is coordinating the effort, announced it to the world on Thursday and said 133 countries were now on board. (SC)