Barbados is being positioned as a regional training hub within the financial services sector.
The island’s potential for providing international training and education services was underscored during the recently concluded tax course hosted by the Netherlands-based International Bureau for Fiscal Documentation and facilitated by the Institute of Chartered Accountants of Barbados.
Dr. She Boon Law, Manager of Tax Services at the IBFD, said: “The sophistication of the Barbados business sector, which drives local demand for such training, the existence of good conference and hotel facilities, the availability of professional support organisations such as ICAB, are among the reasons why IBFD has identified Barbados as a suitable location for providing high level tax training services to the Caribbean and Latin America.”
The IBFD course, titled International Taxation of Expatriates and held at the Accra Beach Hotel, was attended by tax practitioners from as far away as Poland and Japan as well as countries in the region, namely, Barbados, Antigua, Aruba, Jamaica, and Trinidad. Plans are advanced for another two courses to be held in Barbados next year.
ICAB’s Executive Director, Reginald Farley, noted that “the staging of IBFD courses in Barbados was a tangible example of non-traditional services exports since the overseas participants contributed foreign exchange to the economy through their spending on accommodation, food, etc”.
He further stated that the training provided by the IBFD was of tremendous importance to the chartered accountants and allowed them to have access to world class training right here in Barbados.
Farley explained that interest in the course was high because of the fact that given the global nature of trade and business today, there is an ever increasing number of internationally mobile workers, managers, investors, and professionals all of whom need to ensure that they get the best available tax advice that would allow them to address several cross-border issues. He concluded that this is particularly important to countries like Barbados in which expatriates are heavily involved in the main economic sectors of international business and tourism.