Barbados has expanded its treaty network by adding the Slovak Republic to the number of jurisdictions with which Barbados currently has Double Taxation Agreements (DTAs).
On October 28th 2015, Barbados’ Minister of International Business, Donville Inniss and Elena Pekarova of Slovakia’s Ministry of Finance were signatories to the agreement at the Barbados Hilton Resort.
Speaking at the signing Mr. Inniss said “Whilst other jurisdictions may focus quite a bit on a tax rate and related issues, Barbados has historically focused on building out our international business and financial services (IBFS) sector that is based on investment treaties and DTAs”. Mr. Inniss stated that once the DTA enters into force, there will be 37 DTAs in Barbados’ network of treaties which he added represented a significant number for a small domicile like Barbados.
Minister Inniss said that he expected the signing would see both Barbados and the Slovak Republic, commencing investments across the globe through their respective private sectors. He said that Barbados should now be able to attract companies from the Slovak Republic into Barbados to invest or to invest via Barbados into the other 36 jurisdictions with which Barbados has Double Taxation Agreements. The Minister said “we firmly believe that Barbados can continue to be an excellent conduit through which International Business and Financial Services will flow and grow. And, it is treaties and agreements like these that certainly send the right signal to the international arena that we are a jurisdiction of substance and serious business”.