Local NewsNews Straughn to professionals: ‘Work with us’ by Barbados Today 15/02/2024 written by Barbados Today Updated by Aguinaldo Belgrave 15/02/2024 2 min read A+A- Reset Minister in the Ministry of Finance and Economic Affairs Ryan Straughn. Share FacebookTwitterLinkedinWhatsappEmail 310 The government’s strategic shift from direct to indirect taxation to lower the tax burden can only work if professionals play their part, Minister in the Ministry of Finance and Economic Affairs Ryan Straughn has told accountants. In a speech to the Institute of Chartered Accountants of Barbados (ICAB) Annual Tax Update at the Lloyd Erskine Sandiford Centre on Tuesday, he said business professionals’ collaborative efforts in promoting public policy both domestically and internationally were critical. He also urged professionals to advocate for the country’s right to set its tax policies and to embrace ongoing reforms as crucial for economic growth. “I urge all of you not to fear the reforms that are being contemplated, but understand that we are doing these reforms as a necessary component . . . necessary, but not sufficient,” the minister told the forum. “Sufficient is each of us getting out of Barbados and trying to find more business to work with to expand the pie. That is my critical message to you.” Straughn also sought to link public policy in a wide number of areas to tax policy as he called for professionals for their support – “the lawyers, the accountants, engineers, all those people who are specifically involved in areas to aggressively accompany the government on this path to ensure the idea of substance – that there isn’t any business in Barbados that isn’t substantive”. “People come to Barbados and one of the things that they always say when it comes to Barbados, is the workforce is one of the key reasons . . . and therefore there is no separation between the tax policy and the public policy,” he added. 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 Straughn addressed the challenges posed by international bodies such as the Organisation for Economic Cooperation and Development (OECD), the Paris-based club of the world’s richest nations which has persistently criticised Barbados as one of the world’s tax havens that preempt tax revenue from rich multinational corporations. He emphasised the importance of data and information exchange and underlined the need for continuous political engagement, particularly with European countries, as Barbados strives to maintain its standing in international forums. (RG) 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 Fears allayed after Tichbourne housing pipe leak 09/03/2025 Nail-biting matchup Sunday in BABA Presidents’ Cup 09/03/2025 South African trailblazer delivers inspiring message at Egi summit 09/03/2025