Barbados Seeking OECD Compliance by Year-End

(Barbados GIS) The government of Barbados is on track to revise its current suite of international business legislation by year-end to ensure compliance with the Organization for Economic Cooperation and Development's (OECD) Base Erosion and Profit Shifting (BEPS) Action 5 on harmful tax practices. According to the Ministry of International Business and Industry, the work is ongoing and engaging the full attention of the Office of the Attorney General, the Chief Parliamentary Counsel, the Ministry of Finance, the Central Bank of Barbados and the Financial Services Commission. A new regime which replaces the existing International Business Companies (IBC), as well as the International Societies with Restricted Liability (ISRL), would be rolled out effective January 1, 2019. While this will effectively bring to an end the issuance of new IBC and ISRL’s licenses, the new regime will ensure that the main incentives currently available to entities engaged in global business will continue.