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The Exchange of Tax Information Portal is an initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum conducts peer reviews of its member jurisdictions' ability to co-operate with other tax administrations in accordance with the internationally agreed standard. The standard provides for exchange of information on request where it is foreseeably relevant to the administration and enforcement of the domestic tax laws of the requesting jurisdiction. Effective exchange of information requires that jurisdictions ensure information is available, that it can be obtained by the tax authorities and that there are mechanisms in place allowing for the exchange of that information. The Global Forum's peer review process examines both the legal and regulatory aspects of exchange (Phase 1 reviews) and the exchange of information in practice (Phase 2). The EOI Portal will track the development of these peer reviews, including changes that jurisdictions make in response to the Global Forum's recommendations.

Peer Review: Supplementary Report to Phase 1 Review - Barbados

This report for Barbados has been published on 5 Apr 2012. You can buy this report, or browse it online below.

Skip directly to the Executive Summary. You may also want to view the tables of determinations and ratings.


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Determinations and Recommendations

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   There are currently no penalties for non-compliance with obligations to maintain up to date share registers in the case of limited companies and SRLs.   In so far as penalties are not currently provided, effective sanctions should be introduced against companies and SRLs that fail to comply with requirements to maintain share registers.  
Phase 2 Rating Factors Recommendations
     
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   Barbados legislation does not ensure that reliable accounting records or underlying documentation are kept for all partnerships and trusts.   All relevant entities and arrangements should be required to maintain reliable accounting records including underlying documentation for a minimum of 5 years. 
Phase 2 Rating Factors Recommendations
     
Banking information should be available for all account-holders. (ToR A.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
     
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   Trustees of international trusts and registered unit trusts are prohibited to disclose to any other person the name of the settlor or any beneficiary, or any information relating to or forming part of the accounts of an international trust.   The competent authority should have power to access confidential information covered by the International Trust Act and the Mutual Funds Act.  
Phase 2 Rating Factors Recommendations
     
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
     
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   Some DTCs limit exchange of information (i) to information for carrying out the provisions of the Convention, or (ii) by failing to provide for exchange of bank information.  Barbados should continue to revise its existing treaties in line with the international standard where they do not currently meet that standard.  
In respect of one of its treaties Barbados does not exchange information in respect of some entities (IBCs, offshore banks, etc.).  Barbados should remove any impediments to exchange of information on Barbadian entities that are not covered by its treaties. 
Phase 2 Rating Factors Recommendations
     
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   A number of DTCs of Barbados do not meet the international standard (see C.1).   Barbados should continue to revise its existing treaties in line with the international standard where they do not currently meet that standard. 
  Barbados should continue to enter into agreements for exchange of information (whether DTCs, TIEAs or multilateral instruments) with all other relevant partners, meaning those partners who are interested in entering into an information exchange arrangement with it. 
Phase 2 Rating Factors Recommendations
     
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
     
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
     
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
Determination Factors Recommendations
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review.      
Phase 2 Rating Factors Recommendations