The prospects for better investment opportunities between Barbados and the Czech Republic are now wide open.
That’s because a Double Taxation Agreement between the two countries, signed by then Acting Minister of International Business and International Transport, Adriel Brathwaite, and Ambassador Edita Hrd? of the Czech Republic on October 26, 2011, came into force on June 6 of this year.
This represents Barbados’ efforts to expand its treaty network, and also signals the country’s willingness to foster closer ties with Eastern Europe and the Czech Republic.
According to a statement from the ministry, Barbados continues to aggressively promote itself as a legitimate international business and financial services centre.
“Its [Barbados’] distinction as a service economy and a strategic base for onward investment into other markets has made it an attractive jurisdiction for conducting business. It is on this basis that opportunity should be capitalised upon to cultivate a strategic business alliance which would benefit both Barbados and the Czech Republic,” the statement said.
It added that Government intended to vigorously pursue the expansion of its treaty network in 2012.
To date, Barbados has DTAs with the CARICOM, United States, Canada, United Kingdom, Finland, Norway, Malta, Sweden, Switzerland, Austria, Kingdom of the Netherlands, Republic of Seychelles, Republic of Mexico, Panama, Luxembourg, Spain, Cuba, Venezuela, China and Mauritius.
Meanwhile, as the country is at an advanced stage of dialogue with Italy, and negotiations have been completed with Bahrain and Belgium, arrangements are underway for the signing of those respective agreements.
DTAs are recognised as one of the most effective mechanisms for developing new and strengthening existing economic ties between nations. The negotiation of these agreements is a critical element of a framework for developing substantial trading opportunities.
The ministry’s statement, said such agreements also facilitate joint ventures; reduce taxes and business-related costs; facilitate the exchange of tax information; and reduce the fiscal impediments to cross-border trade and investment.
Copies of the DTA between Barbados and the Czech Republic are available at the Ministry of International Business and International Transport, Baobab Towers, in Warrens, St. Michael, during normal working hours.