BRIDGETOWN, Barbados, November 9, 2011 /PRNewswire/ --
Existing provisions for the exchange tax information between governments updated to adopt OECD definitions
The Governments of Barbados and Canada have signed a protocol to amend their existing double taxation agreement (DTA) in order to update previously used provisions for the exchange of information between the tax authorities of the two countries. The protocol ensures that the existing DTA meets the new standards that have been defined by the OECD regarding the mechanisms to exchange tax information between governments.
"The signing of this protocol will improve the treaty-based mechanism for tax information exchange to the level of the international standard on transparency and exchange of information," said George Hutson, Minister of International Business and International Transport. "Undoubtedly, this protocol demonstrates our commitment to internationally accepted principles of transparency and tax information exchange to which we have agreed, and in which we have had several years of practical application."
CEO of Invest Barbados, Wayne Kirton, said that Barbados and Canada enjoyed a particularly close relationship, and that, from the perspective of international business and trade, our countries have mutually benefited from our unique double taxation agreement for more than 30 years. "The signing of the protocol renews and reinforces that unique treaty-based relationship and I expect that our long-practiced ability to apply the principles of tax information exchange in Barbados will only be enhanced by the signing of this protocol," Kirton remarked.
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 further information:
For more information or to arrange for an interview with a spokesperson for Invest Barbados, please contact:
225 Richmond Street West, Suite 302
Toronto ON M5V 1W2
+1-416-599-0024 ext. 241
SOURCE Invest Barbados