In a rare assault on the Organization for Economic and Cooperation Development (OECD), the body responsible for enforcing tax transparency standards, Barbados has insisted it won’t "roll over and play dead" as the Organization attempts to blacklist the territory as 'uncooperative.'
The territory’s Minister of Finance and Economic Affairs, Chris Sinckler assured business leaders at the Barbados International Business Association’s luncheon, that the government intended to defend the island’s reputation vigorously .
In giving an update on the situation, the Finance Minister said the latest situation in the OECD, was not only being led by the French and Germans, but was "implicitly sanctioned by others in the G20 - some of whom were among the island's long-standing partners, [who are also party to] a campaign to shut Barbados down as an international tax jurisdiction.”
Asserting that the island's response would be swift and assertive, Sinckler disclosed that a letter had already been drafted to the British government that outlined the island's disappointment with the stance being taken by that country's government and the OECD, on these matters.
"There are people, countries if you will, in the international community, who want to shut Barbados down as an international tax jurisdiction. The constant changing of the goal post in relation to standards on transparency and the exchange of information with respect to the OECD, is as unwarranted as is the criteria and justification for the selection of Barbados from among hundreds of countries to be on a list of about 62 tax jurisdictions [that have been deemed to have] the potential to disrupt the international financial system," Sinckler said at the meet.
He said as part of government efforts, Barbados diplomats would meet bilaterally and plurilaterally with countries including G7 and G20 members.
Sinckler explained that the Ministry of Foreign Affairs had been pressed into action on the issue at the diplomatic level, and would be issuing diplomatic notes to those countries that were sympathetic to Barbados's plan "to build a coalition of states to resist these latest efforts of the OECD to challenge the good name of countries that are otherwise cooperating on international tax issues.”
“It is the alliances we build that will serve to protect and enhance Barbados's reputation as a high-quality, open and well-regulated tax jurisdiction,” he said.
The Minister also questioned the OECD's motives in the light of the island's active participation in its OECD's Peer Review Committee and its advocacy of transparency in tax matters.
"What is even more troubling is the premature and unnecessary rush to judgment by the British tax authorities to place Barbados in the so-called Category 3 group of countries, which includes none less than some of the world's uncooperative tax havens,” Sinckler concluded.
The territory’s Minister of Finance and Economic Affairs, Chris Sinckler assured business leaders at the Barbados International Business Association’s luncheon, that the government intended to defend the island’s reputation vigorously .
In giving an update on the situation, the Finance Minister said the latest situation in the OECD, was not only being led by the French and Germans, but was "implicitly sanctioned by others in the G20 - some of whom were among the island's long-standing partners, [who are also party to] a campaign to shut Barbados down as an international tax jurisdiction.”
Asserting that the island's response would be swift and assertive, Sinckler disclosed that a letter had already been drafted to the British government that outlined the island's disappointment with the stance being taken by that country's government and the OECD, on these matters.
"There are people, countries if you will, in the international community, who want to shut Barbados down as an international tax jurisdiction. The constant changing of the goal post in relation to standards on transparency and the exchange of information with respect to the OECD, is as unwarranted as is the criteria and justification for the selection of Barbados from among hundreds of countries to be on a list of about 62 tax jurisdictions [that have been deemed to have] the potential to disrupt the international financial system," Sinckler said at the meet.
He said as part of government efforts, Barbados diplomats would meet bilaterally and plurilaterally with countries including G7 and G20 members.
Sinckler explained that the Ministry of Foreign Affairs had been pressed into action on the issue at the diplomatic level, and would be issuing diplomatic notes to those countries that were sympathetic to Barbados's plan "to build a coalition of states to resist these latest efforts of the OECD to challenge the good name of countries that are otherwise cooperating on international tax issues.”
“It is the alliances we build that will serve to protect and enhance Barbados's reputation as a high-quality, open and well-regulated tax jurisdiction,” he said.
The Minister also questioned the OECD's motives in the light of the island's active participation in its OECD's Peer Review Committee and its advocacy of transparency in tax matters.
"What is even more troubling is the premature and unnecessary rush to judgment by the British tax authorities to place Barbados in the so-called Category 3 group of countries, which includes none less than some of the world's uncooperative tax havens,” Sinckler concluded.
