Barbados' Corporation Tax Revenue Surpasses $400 Million, Strengthening Tax Regime Amid Offshore Tax Haven Claims
May 16, 2024
Barbados earned $400 million in corporation tax from international entities last year, strengthening its tax regime to avoid being labeled an offshore tax haven. Minister Cummins emphasized compliance and transparency.
BARBADOS EARNED $400 million in corporation tax from international business entities from outside the jurisdiction last year., and it continues to strengthen its corporation tax regime to avoid claims of being considered an offshore tax haven.
This was revealed in the Senate yesterday by Minister of Energy, Business Development and International Business Senator Lisa Cummins.
“We don’t want to just boast that Barbados is not an offshore tax haven, and not only compliant with global rules, but we are also an active participant in the process of determining what our reviews would look like. We are a low-tax jurisdiction,” Cummins said, while stressing the country had no intention of attracting shell companies.
“That has never been, and will not now be, the Barbados brand,” she stated. (BA)
