Statement By International Business Minister, Ronald Toppin

Today [Wednesday, October 17, 2018], representatives of the Ministry of International Business and Industry who are attending the Organization for Economic Cooperation and Development’s (OECD) Forum on Harmful Tax Practices (FHTP) reported positive outcomes on Barbados’ review under the Action 5 of the BEPS Initiative.

The Director of International Business had updated the Forum on Barbados’ direction with respect to proposed amendments to its legislative regime. The FHTP Secretariat accepted the proposals by the Barbados team and urged Barbados to finalize the amendments. Barbados will report again in January 2019.

These positive outcomes are in line with Barbados’ expectations and our engagement with the FHTP is testimony to Government’s continuing commitment to the adherence of international standards and tax rules that promote transparency and fairness in global trade and commerce for individuals and businesses alike.