A TOP Canadian business official said Barbados is not a tax haven! Rather, this country is a low tax jurisdiction and everything done here is compliant with Canadian laws.
This vote of confidence in Barbados’ image in the global financial arena, was highlighted yesterday by Honourable Perrin Beatty who is in the island on a two-day visit. France’s President Nicholas Sarcozy had dubbed the island a tax haven.
“Barbados is a low tax jurisdiction, but not a tax haven – everything is compliant with Canadian law,” Beatty said.
He also said that relations between Canada and Barbados remain strong.
Speaking yesterday at the Hilton, Beatty believes that despite the changes in Canadian tax laws which have raised some apprehensions in Barbados, there is great potential in Barbados which still has a competitive advantage.
“The Tax Information Exchange Agreements (TIEAS), do increase the competition for Barbados, but Barbados has a competitive advantage,” he said.
He explained, “First there is expertise that is here that has been built up over years, companies experience services here that are world class and that is a strong competitive advantage , there are a large number of Canadian companies already domiciled here and that creates a critical mass that makes it attractive for others to come.”
Beatty believes that there are a lot of opportunities for Barbados doing more business with Canada . “We have long established relationships, there is an substantial expatriate community in Canada and many Canadians domiciled here as well.”
He said that Canada is a growing economy , and that they have weathered the global recession quite well . “We have virtually no tariffs on goods coming into Canada, a shortage of skills in Canada because our population is aging so the demand for skills has significantly increased. Of course Tourism – the world is becoming a more dangerous place and Barbados hasa reputation for being a place that is safe and welcoming. It is still an attractive market for people looking at vacationing, it is charming, historic and beautiful” he highlighted.
In terms of manufacturing , Beatty said that this country has to pick niches where there are strengths and synergies. “However, manufacturing is a tough sector to be in these days because of competition from Asia so you need to look for areas where they are competitive advantages,” he added.
Barbados Advocate
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