The enactment of legislation that will allow the Ministry of International Business to issue indefinite licences to international businesses operating in Barbados will make this country more competitive in the sector.
Leader of Government Business in the Senate, Maxine McClean, stressed the importance of the new arrangement as the Upper Chamber debated the International Business (Miscellaneous Provisions) Bill 2014.
“As we engage in facilitating international business we have to be clear that we must continually strive for excellence. We also have to be clear that we are competing in a sector which is highly competitive and therefore we have to focus on all aspects of that sector. A particular part of that is being able to ensure that we are in a position to facilitate as best as possible. We have to ensure as well that companies are in a position to function because if renewal of licences do not take place in a timely manner, we can put such businesses in a difficult position. Therefore, part of what we are doing is seeking to ensure maximum effiency as we deliver services to these companies,” she said.
“This country relies significantly on our international business sector. One that readily comes to mind is in the area of coporate tax revenue. This sector is perhaps the single largest contributor to the Treasury in respect of corporation tax. It has been established that beyond contribution to corporate tax, the international business sector makes significant contributions to this country.”
Senator McClean said the legislation would also assist in addressing complaints about the length of time it takes for transactions to be completed.
However, she noted that such delays were not restricted to Government departments
“All the players in the international business sector must recognise the critical importance of delivering services in a timely manner, doing business in a manner that is professional, and ensuring that we maintain not only our individual reputation as service providers, but also that we maintain our reputation as an international business jurisdiction,” the Government Senator said.