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Tuesday, 21 November 2017

Barbados - Italian Republic DTA enters into force

The Double Taxation Agreement (DTA) between the Government of Barbados and the Italian Republic has entered into force in accordance with Article 30 of the Agreement. The instruments of ratification for the Convention for the Avoidance of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion were exchanged by the Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, and Ambassador and Special Envoy to the Caribbean of the Italian Republic, Paulo Serpi. The entry into force of the Barbados/Italian Republic DTA represents not only Barbados’ firm strides to expand its treaty network, but it also signals the country’s willingness to foster closer ties with Italy and the European Union in particular. Double Taxation Agreements have been recognised as one of the most effective mechanisms for developing new and strengthening existing economic ties between nations. The negotiation of these agreements is, therefore, a critical element of a framework for developing substantial trading and investment opportunities. They facilitate joint ventures, reduction in taxes and business related costs, exchange of tax information, and reduction of fiscal impediments to cross-border trade and investment.

Source: Nation News

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