OECD removes country from “negative’ list; minister acknowledges more ‘heavy-lifting’ still ahead

By Emmanuel Joseph

“We will now continue to engage with, and train our service providers and their agents so as to ensure that we continue to reflect the highest quality of service transparency and excellence in this vital sector,” he added.

At its April 2022 meeting, the FHTP agreed to new conclusions on 12 regimes as part of the implementation of the BEPS [Base Erosion and Profit Shifting] Action 5 minimum standard on harmful tax practices.

It started this exercise in 2021 and revealed the results of the first monitoring year. Recommendations for substantial improvement were made for four jurisdictions – Anguilla, the Bahamas, Barbados and the Turks and Caicos Islands. Areas for focused monitoring were identified for another four jurisdictions – Bahrain, Bermuda, the British Virgin Islands and the Cayman Islands. No issues were identified for Guernsey, Jersey, the Isle of Man and the United Arab Emirates.

emmanueljoseph@barbadostoday.bb