BRIDGETOWN, Barbados - Senator, the Honourable Maxine McClean, Minister of Foreign Affairs, and Foreign Trade, has responded to allegations, of Barbados being a tax haven, and a warning which was made by French President Nicholas Sarkozy at the closing of the 2011 G20 summit held in Cannes, France.
Sarkozy had said that the international community will be shunning 11 tax havens including Barbados, who have failed to sign an Automatic Tax Information Exchange (ATIE) agreement.
Minister McClean has been quoted in the Nation newspaper as saying, "I would want to stress that Barbados is a low-tax jurisdiction; we are not a tax haven," as she disclosed that Sarkozy's country was among several nations with which Barbados was negotiating tax information exchange agreements (TIEAs).
On its Invest Barbados website, Barbados has stated clearly that it enjoys a positive image in the marketplace as a reputable International Business Centre, and has an expanding network of double taxation treaties which offers tax advantages to investors that use Barbadian resident entities to conduct business in other countries.
Barbados is low-tax jurisdiction for international business, having a high level of transparency, disclosure and procedures for tax information exchange. Multinational companies can minimize their global tax burden by using a Barbadian entity to conduct business overseas.
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