Barbados has signed another Double Taxation Agreement, this time with the Republic of San Marino, an independent micro state surrounded by Italy.
The signing, which took place last Friday, December 14, in New York, was an Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, consequently formalising the bilateral agreement which was initialled in July 2012.
It was signed by Permanent Representative of Barbados to the United Nations, Joseph Goddard, and Permanent Representative of the Republic of San Marino to the United Nations, Daniele Bodini.
Goddard stressed: “Barbados has succeeded in developing a strong, well-regulated international business and financial services sector and we are pleased to be able to add San Marino to our growing treaty network.”
Pointing out that he anticipated the agreement would enhance the investment framework of Barbados and San Marino, the Barbadian envoy explained that it should also facilitate trade, as well as provide investors with more investment options.
Ambassador Bodini of San Marino welcomed the signing of the agreement, adding that he hoped it would promote mutual benefits and a strengthening of ties between the countries.
“We have much in common. We are small states with economies heavily dependent on tourism and financial services,” Bodini underscored, further adding that he looked forward to continuing to work together at the United Nations and in the context of international conferences such as the Forum on Small States.