Stakeholders in the industry have however been cautioned against complacency in their approach to manoeuvring the vital, but ever changing industry.

During an International Business Update Workshop on Friday hosted by the Institute of Chartered Accountants, Toppin, Minister of International Business, pointed to a number of measures taken by Government which resulted in the country’s removal from the EU’s Blacklist of non-cooperative tax jurisdictions in May this year.

He however stressed the improvement of business operations through innovation and technology that would be necessary to reinvigorate and diversify Barbados’ offerings in the industry.

This, he told the conference, would work hand-in-hand with Government’s promotion of transparency, compliance and effective enforcement of regulations for banks, insurance companies, intellectual property and distribution centres.

“We must also be in a position to enable the conduct and exchange of information in cases of non-compliance and high-risk cases. As you would be aware, the Barbados Companies (Economic Substance) Act 2018-41 was introduced and became effective on January 1, 2019,” said Toppin.

“It prescribes that companies involved in geographically mobile activities such as the banking business, insurance, fund management, finance and leasing, headquarters, shipping, holding companies, intellectual property and distribution and service centres, must have their business activities controlled, directed and managed from Barbados. They must also have an adequate number of employees, expenditure and physical assets relating to that activity and its core income generating activities have to be conducted in Barbados.”

Toppin predicted the new environment would eventually become a “catalyst” for the injection of tremendous investment in citizen development as well as the sector’s infrastructure.

“The obligation to implement substance in this jurisdiction represents opportunities for all of us, whether in relation to joint ventures or start-ups, the placement of technical and vocational students or university students.  It also presents opportunities for Barbados to offer non-traditional services to the world as we seek to become truly a global business hub,” he said.

Executive Director of the Institute of Chartered Accountants, Kathy-Ann Hewitt meanwhile commended Government for its improvements in the international business sector.

She however also cautioned against complacency in a sector where the goalpost is constantly shifting and encouraged stakeholders and regulators to continuously reinvent the industry’s products and structures.

“Not only are there changes in the legal and regulatory requirements of the countries from whom we want to attract business, but there is also competition for this business from many other jurisdictions,” she told the conference.

“In order therefore, for Barbados to retain existing, and continue to attract new business in this sector… we must continually monitor trends and look for new ways to expand our knowledge and stay ahead of the curve.”

• Cayman Islands;
• Palau;
• Panama;
• Seychelles

These jurisdictions did not implement the tax reforms to which they had committed by the agreed deadline.
Annex II of the conclusions, which covers jurisdictions with pending commitments, reflects the deadline extensions granted to 12 jurisdictions to enable them to pass the necessary reforms to deliver on their commitments. Most of the deadline extensions concern developing countries without a financial centre who have already made meaningful progress in the delivery of their commitments.
16 jurisdictions (Antigua and Barbuda, Armenia, Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cabo Verde, Cook Islands, Curaçao, Marshall Islands, Montenegro, Nauru, Niue, Saint Kitts and Nevis, Vietnam) managed to implement all the necessary reforms to comply with EU tax good governance principles ahead of the agreed deadline and are therefore removed from Annex II.

The work on the list of non-cooperative tax jurisdictions is based on a thorough process of assessment, monitoring and dialogue with about 70 third country jurisdictions. Since we started this exercise, 49 countries have implemented the necessary tax reforms to comply with the EU’s criteria. This is an undeniable success. But it is also work in progress and a dynamic process where our methodology and criteria are constantly reviewed.
Zdravko Marić, Croatian Deputy Prime Minister and Minister of finance

The list of non-cooperative tax jurisdictions, which is part of the EU’s external strategy for taxation as defined by the Council, is intended to contribute to ongoing efforts to promote tax good governance worldwide.
It was first established in December 2017 and is based on a continuous and dynamic process of:

• establishing criteria in line with international tax standards;
• screening countries against these criteria;
• engaging with countries which do not comply;
• listing and de-listing countries as they commit or take action to comply;
• monitoring developments to ensure jurisdictions do not backtrack on previous reforms.

The list includes jurisdictions that have either not engaged in a constructive dialogue with the EU on tax governance or failed to deliver on their commitments to implement reforms to comply with the EU’s criteria on time.
Jurisdictions that do not yet comply with all international tax standards but committed to reform are considered cooperative and included in a state of play document (Annex II). The Council’s code of conduct group on business taxation monitors that jurisdictions enact the necessary reforms by the agreed deadlines. Once a jurisdiction meets all its commitments, it is removed from Annex II.
Most commitments taken by third country jurisdictions were with a deadline of end 2019, whilst their enactment in national law was carefully monitored at technical level by the Code of Conduct Group on business taxation until the beginning of this year. The Council adopted the revised EU list of non-cooperative jurisdictions resulting from this exercise and endorsed a revised state of play with respect to pending commitments.
The Council will continue to regularly review and update the list in the coming years, taking into consideration the evolving deadlines for jurisdictions to deliver on their commitments and the evolution of the listing criteria that the EU uses to establish the list.
In parallel, as regards ‘defensive’ measures with regard to the listed jurisdictions, the Council produced a guidance on further coordination of national defensive measures in the tax area towards non-cooperative jurisdictions in December 2019. It invited all member states to apply legislative defensive measure in taxation vis-à-vis the listed jurisdictions as of 1 January 2021, with the aim of encouraging those jurisdictions’ compliance with the Code of Conduct screening criteria on fair taxation and transparency.

• Find out more about BEPS Action 5 work on Harmful Tax Practices

The announcements were made at the India-CARICOM Summit in New York on Wednesday 25 September, 2019. The Summit was held on the sidelines of the 74th United Nations General Assembly, and was co-chaired by Prime Minister Modi, and the Chairman of CARICOM, the Hon. Allen Chastanet, Prime Minister of Saint Lucia.
India also expressed support to specialised capacity-building courses, training and deputation of Indian experts based on the needs and requirements of the CARICOM countries. PM Modi invited a Parliamentary delegation from CARICOM to visit India in the near future, a release from the Ministry of External Affairs of India said.
Funding for resilience against climate change, human resource development and health were among the key areas of discussion.
On behalf of the Community, PM Chastanet said that he was “extremely grateful” for PM Modi’s support and leadership in helping further strengthen relations with Small Island Developing states like those in the Caribbean.
At the Summit, Prime Minister of St. Kitts and Nevis, Dr. the Hon. Timothy Harris made a compelling case for strengthening cooperation between small island states in the Caribbean and India in the health sector and other areas that were critical to their development.
PM Harris pointed to a scope for partnership, not just in traditional curative medicines and treatments, but also in complementary alternative medicines, which make up a booming sector of India’s economy. He added that CARICOM could learn from India’s venture into wellness and medical tourism.
PM Harris, who is CARICOM’s Lead Spokesman on Human Resources also said that it would be important to develop, in partnership with India, capacity-building interventions that plan, implement and execute high-quality training and education programs in the Community. He said such programmes would need to encompass a broad array of areas such as a full range of technical and vocational disciplines.
The Summit was the first meeting of PM Modi with CARICOM leaders in a regional format. It highlighted the steadily intensifying and deepening relations between India and partner countries of the Caribbean, not only in the bilateral, but also in the regional context, the release from India’s External Affairs Ministry said. PM Modi, the release said, reiterated India’s firm commitment to strengthen its political, economic and cultural engagement with CARICOM. He recalled the presence of more than a million-strong Indian diaspora as a vibrant and enduring link of friendship with the Caribbean.
www.today.caricom.org

The FIT programme also makes provision for community-shared RE projects. Persons who, individually, may not have adequate rooftop or ground space, or may not be able to get the necessary financing, may form a collective with neighbours or associates to create their own RE projects. This option is available to groups of at least 15 residential customer investors, with no single entity owning more than 50% of the project. Community-shared projects will benefit from more favourable rates.
The FIT will replace the Renewable Energy Rider (RER) programme and existing RER customers will be “grandfathered”, i.e. customers will maintain their existing arrangements with BL&P for 20 years, with their systems’ commission date used as the start date. The pre-existing RER terms include the $0.416/kWh rate for solar photovoltaic and $0.315/kWh rate for wind.
The FIT programme was created with consideration for the objectives outlined in the Barbados National Energy Policy, specifically, attaining 100% RE generation by 2030. The FIT methodology was agreed to by stakeholders, which include the Ministry of Energy and Water Resources, the Barbados Renewable Energy Association and the BL&P. The FTC FIT Model 2019 was developed by consultants who based the Model on their experience in the development of a modelling tool for the United States’ National Renewable Energy Laboratory, an agency which specialises in renewable energy and energy efficiency research and development. The FTC FIT Model 2019 used Barbados-specific data almost exclusively in order to create a tool that is reflective of the Barbadian market.
To be eligible for the FIT programme, project developers must submit the relevant license application to the Ministry of Energy and Water Resources. Residential projects of less than 5kW and commercial projects of less than 25kW do not require licences. Licences shall be allocated on a first come first served basis.
Copies of the Decision and Order may be accessed here or obtained from the Fair Trading Commission, Good Hope, Green Hill, St. Michael, Monday to Friday, between 9:00 a.m. and 4:00 p.m.
 

“Kenya is a member of the East African Community, Common Market for Eastern and Southern Africa (COMESA) and has ratified the African Continental Free Trade Area (ACFTA),” he added.
The President spoke in Bridgetown, Barbados during a business forum that brought together Kenyan and Barbadian investors to discuss business opportunities that exist in the two countries.
President Kenyatta said Kenya and Barbados maybe thousands of miles apart but there are existing opportunities that can shorten that distance.
“Kenya is open for business. Kenya is ready for business. We want to partner with you and we believe that our partnership will be mutually beneficial,” President Kenyatta told the investors.
He pointed out that Kenya was ranked position 61 out of 190 countries by the World Bank Ease of Doing Business Report 2019.
“It is against this backdrop that Kenya is the preferred destination for investment in the Eastern and Central Africa region and therefore welcomes Barbadian investors,” the President said.
The Kenyan leader singled out the tourism sector, mobile money, renewable energy, blue economy and affordable housing as emerging areas that present lucrative opportunities for foreign investment.
“When it comes to fintech, we would want to see how we can partner to help you develop your product through mobile money platforms not just for Barbados but for the entire CARICOM region,” the President said.
The President advised Kenyan investors not to look at Barbados as a single country but an entry point into the wider Caribbean Community (CARICOM) market.
“We should see this region as the new frontier, as the real true South partner that we can work together with and of whom we share a very similar outlook of the future,” he said.
President Kenyatta said the political will at the top could only be translated into prosperity for Kenya and Barbados if the private sector plays its role effectively as the true front runners of the process.
Prime Minister Mia Amor Mottley said the Africa, Caribbean and Pacific (ACP) countries should work to remove the obstacles that hinder trade between them by involving their respective private sectors.
“Traditionally, Barbadians do not invest in Africa in tourism. Traditional Africans do not invest in the Caribbean in tourism. There is absolutely no reason for that not to happen,” she said.
The PM emphasized that private sector investment in the two countries should not be a preserve of big companies saying small and medium-sized enterprises should also be given the platform to participate.
www.capitalfm.co.ke

“Professor Persaud was very clear that we now have to pursue a people-centred developmental model, where the emphasis will have to be on education, skills and innovation. He was very clear that we have to take concrete measures to solve the problems of intra-regional transport, [and] freight, as well as people. And the fundamental thinking of the commission is that we have to create greater access.
“The buzzword he used, or the central word was…access for our people.  Our people must have enhanced access to financial resources; enhanced access to the banking system, to education, to training, to health services; [and] access to every citizen.  We must now, in going forward, pursue a people-centric developmental model  based around the idea that we must enhance access of the individual citizen to education, to entrepreneurial [and] financing opportunities; access in ownership of wealth, [and] access in every dimension,” Ambassador Comissiong outlined.
The commission is expected to report in six months, with a fully fleshed out action plan based on those broad principles.
Last year, CARICOM Heads of Government reconstituted a high-level commission on the economy led by Professor Persaud of Barbados, comprising experts with regional and international reputations to help CARICOM craft a new economic developmental strategy, and to break the syndrome of low growth and economic stagnation that many member states have been experiencing since the onset of the global economic crisis in 2008.
www.gisbarbados.gov.bb