Barbados, along with Jamaica, North Macedonia and Uruguay, has fulfilled its commitments and has therefore been removed from the EU's state of play document (Annex II).
The state of play document (Annex II) reflects the ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards. Its purpose is to recognise ongoing constructive work in the field of taxation, and to encourage the positive approach taken by cooperative jurisdictions to implement tax good governance principles.
Minister of Energy and Business, Senator Lisa Cummins explained that officials in the International Business Unit, the Barbados Revenue Authority, the Barbados International Business Association and all of the service providers, including members of the Barbados Bar Association, worked diligently on this matter.
“The business community has walked hand in hand, lock step with us as the Government, to ensure that Barbados is not facing a negative outcome internationally, and that our corporate sector and our international business sector is not negatively impacted,” she commented.
Acknowledging that there was still more work to be done going forward, Senator Cummins gave the assurance that Government would continue working with the Forum on Harmful Tax Practices, the Organisation for Economic Co-operation and Development, and sovereign jurisdictions.
"We are going to be making sure that Barbados is a country that is sitting at the table. We have always been finding ourselves over the years in a defensive position as the goalpost is moved and as the rules are changed."
“But now we’re working to make sure that we are in a far more proactive position; that we’re sitting at every table where the decisions are being made and so we’re able not just to respond, but to be a part of crafting the rules and regulations that govern jurisdictions like ours,” she stated.