The Barbados government has announced the signing of a double tax agreement with Spain, which is expected to significantly bolster economic relations between the two countries, and consequently increase trade flows and bilateral investment.
The agreement, upon entry into force, will lay a beneficial legal framework, assigning the taxing rights of the respective countries with respect to bilateral trade and investment. This will be of benefit to businesses and individuals operating in both territories, by providing legal certainty on the tax treatment of their funds to ensure they are not taxed twice.
Both territories have agreed, the government said, to conclude their individual ratification procedures, which are necessary to bring the agreement into force, by the end of the year.
The agreement, upon entry into force, will lay a beneficial legal framework, assigning the taxing rights of the respective countries with respect to bilateral trade and investment. This will be of benefit to businesses and individuals operating in both territories, by providing legal certainty on the tax treatment of their funds to ensure they are not taxed twice.
Both territories have agreed, the government said, to conclude their individual ratification procedures, which are necessary to bring the agreement into force, by the end of the year.
