Barbados is a clean, well regulated, low tax jurisdiction and not a tax haven!
This was Prime Minister Freundel Stuart’s firm message, when a delegation from the United States of America, including chief aides, policy advisors, and congressional members, paid him a courtesy call at the government headquarters.
Stuart said from time to time, this country has had to defend its reputation in that area, and he called on the U.S. to lend its voice in helping to clear up any misconceptions.
According to him, the international business sector accounts for a significant amount of Barbados’ corporate tax revenue, and this brings in the second largest amount of foreign exchange and offers good quality jobs.
The Prime Minister said another area of concern was Barbados being classified as a “high middle income” country, and therefore did not qualify for necessary concessional financing.
He stressed, however, that all countries in the Caribbean were vulnerable and identified hurricanes as being able to wipe out their GDP within a few hours.