Local NewsNews Parliament paves way for data transfer to foreign jurisdictions by Barbados Today 25/01/2023 written by Barbados Today Updated by Asminnie Moonsammy 25/01/2023 2 min read A+A- Reset Sandra Husbands Share FacebookTwitterLinkedinWhatsappThreadsBlueskyEmail 320 Barbados is continually improving legislation governing the international business sector in an effort to meet international standards. The latest legislative amendment gives legal authority to how data is transferred between the Barbados Revenue Authority (BRA) and international entities operating here. This was outlined by Minister of State in the Ministry of Foreign Trade and Business Development, Sandra Husbands, as she piloted an amendment to the Companies (Economic Substance) Bill, 2023 in the House of Assembly on Tuesday. Speaking in Parliament, Husbands said there had been a recent demand to “harmonise” between foreign businesses and domestic businesses and to put them on the same taxation platform. She said there had also been a request for “economic substance” to be present in the operations of entities registered in Barbados. “Because of the requirement to demonstrate economic substance, it requires that there is a reporting on the activities of these entities to demonstrate that they are operating within the bounds of the laws that govern this particular sector and that they are meeting the economic substance compliance requirements that are put upon it. You Might Be Interested In Crystal Beckles-Holder, 2nd runner up in regional competition GUYANA: Body of child found after gold mine collapses Barbadians asked to help with return tickets for Haitians “And so, Barbados is obligated to be able to report on these entities that are registered here to demonstrate the transparency of the compliance by companies and also to demonstrate where we have had to place penalties on entities that have not quite met the requirements for operating in the sector,” Husbands said. “This requires the transfer of data between our domestic jurisdiction or entities here and to transfer this data to the jurisdiction where this particular company is resident. This is to enable their jurisdiction to be assured that they are complying with the regulations and to minimise the incidence of tax evasion.” Husbands said it was absolutely necessary to put the legal framework in place to allow the international business units here and the BRA to be able to transfer data from our jurisdiction and theirs. “It gives the authority for the BRA to do all that is necessary in terms of the transmission of that data so we would be in compliance with the international rules governing the financial services sector,” she added. (RB) Barbados Today Stay informed and engaged with our digital news platform. The leading online multimedia news resource in Barbados for news you can trust. You may also like Free movement is coming to CARICOM: The United States of the Caribbean... 16/07/2025 Five acres to be acquired for Windsor–Lower Greys roundabout 16/07/2025 Barbados in need of ocean science experts 16/07/2025