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Barbados will defend its international business

October 24, 2013

Barbados has declared that it will defend itself against attacks on its international business brand and its commitment to international tax cooperation and transparency.

Prime Minister Freundel Stuart gave the assurance during an address at the international business week conference underway at the Hilton.

Stuart has pointed to a recent instruction from the G20 group to the OECD global forum, to implement automatic exchange of tax information as the new global standard, as one of the challenges.

Prime Minister Stuart also said he wouldn’t debate the similarities between the US shiprider legislation and, the new United States Foreign Account Tax Compliance Act.

He says however the island has to fight for investments like any other state, and will have to absorb and deflect body blows.

Mr. Stuart says the political situation in the USA has caused the deadline for the FATCA to be pushed back.

But he's hopeful Barbados can negotiate an inter-governmental pact with the USA, and conclude an agreement by year end.

Meanwhile Barbados is being told it's probably the most well positioned jurisdiction to continue to provide offshore financial services.

This is the view of president of Globacor Tax Advisors Paul LeBreux, who says Barbados has, among other things, a sophisticated and mature economy and an extensive international treaty network that puts it ahead in the game.

Mr. LeBreux says Barbados has issues with its regulatory operating environment which is still not welcoming.

Written by CBC NEWS Thursday