Bridgetown.
The Governments of Barbados and Canada updated a double taxation treaty that has been in place since January 1980. Minister of International Business and International Transport George Hutson and Canada's High Commissioner to Barbados Ruth Archibald signed a protocol to the treaty, bringing it in line with the standards set by the Organization for Economic Co-operation and Development (OECD).
According to Hudson, the signing of the protocol will improve the treaty based mchanism for tax information exchange to the level of the standard of transparency and exchange of information.
Archibald said the protocol brings up and modernizes the existing agreement, to be in conformity with the OECD standard for the effective exchange of tax information.
