Building capacity and putting the right tax policies in place will be critical as Barbados and other small island developing states continue to manoeuvre the constantly changing global tax environment, says Minister in the Ministry of Finance Ryan Straughn.
In fact, pointing to the continued shifting goalposts within the international tax arena, he said it was not lost on the Government that it had to put certain systems in place to
ensure compliance so as to escape being blacklisted.
“The Government of Barbados is committed to reforming not just the international financial architecture but certainly within the context of how tax is administered, that we too must ensure that there is the removal of any archaic system with respect to how taxes are derived and how they are paid and shared equally globally,” said Straughn.
“The formulation of the right kind of tax policies and posture of tax administrators is critical to helping small island developing states like Barbados travel a path in the global environment. Tax administration and tax policy is crucial to the building of investor confidence, business confidence and confidence among the taxpayers as consumers.”
Minister in the Ministry of Finance Ryan Straughn.
He made the comments in a pre-recorded video message at the opening of the Commonwealth Association of Tax Administrators (CATA) leadership programme at the Hilton Barbados Resort on Monday.
Straughn said Barbados and other developing states should put systems in place to ensure they are more agile and better able to respond to changes in the international tax landscape, but at the same time respond to the needs of citizens.
“As tax administrators, we recognise that in an environment where tax sovereignty in today’s world is in question, our reality as small island developing states dictates that we have to chart a path that is consistent with our social policy and economic policy mandate.
“Therefore, as the global environment continues to change with the imposition of a minimum global tax rate, it is important that as tax administrators that we remind ourselves and our citizens that the ability for us as a country to do business is contingent on the systems we do put in place, the processes within which we exchange information in order to ensure that the reputation of Barbados . . . and anybody doing business in Barbados, that they can feel confident that the place is a well-regulated environment,” said Straughn.
He said he expected the capacity building seminar, which attracted several representatives from across the Commonwealth, to help tax administrators to stay on the cutting edge with respect to tax policy formulation.
The ten-day workshop is focused on leadership, and among other things, was designed to explore strategies for enhancing leadership processes and driving change.
Chief Executive Officer of Invest Barbados Kay-Anne Greenidge said she was comfortable that Barbados’ continuously evolving model of tax administration has been “diligently crafted to ensure transparency, efficiency and fairness in the tax system”.
“As we continue to promote Barbados as a global business destination, with great confidence we note that Barbados stands proud as a beacon of excellence in the realm of tax administration, exemplified by the encouraging remarkable advancement and success of the Barbados Revenue Authority,” she said.
“With a commitment to innovation and responsiveness, the Authority has consistently provided a seamless experience for business and individuals. We are dedicated to creating an environment that fosters compliance while supporting economic growth as demanded and expected by the global community, and with which we do business,” Greenidge added. (MM)
