January 1, 2019, was truly a red letter day for businesses in Barbados, both local and international. On that day, in response to requirements of the Organisation of Economic Cooperation and Development (OECD), Barbados officially dismantled a decades old tax structure that had allowed international businesses to be taxed at far lower rates than local companies.
Barbados will continue to seek a balance between complying with the OECD and EU requirements, and strengthening its own economic development
“The only difference between death and taxes is that death doesn’t get worse every time [Parliament] meets” Will Rogers
What is BEPS? "BEPS refers chiefly to instances where the interaction of different tax rules leads to some part of the profits of multinational enterprises (MNEs) not being taxed at all. It also relates to arrangements that achieve no or low taxation by shifting profits away from the jurisdictions where the activities creating those profits take place.” - OECD