Barbados signed the STTR Multilateral Convention in order to strengthen global tax cooperation. The signing ceremony was organised in Paris, France, during the recent foreign visit of the delegation of the Ministry of Finance. Ryan Straughn, as the serving finance minister represented the country.
The island nation of Barbados joined several jurisdictions, which led to the implementation of the Two-Pillar Subject to Tax Rule. It is known that the agreement follows the international tax arrangements, which are structured by keeping the needs of developing countries in focus.
With the involvement of international authorities and several nations in the initiative, global tax cooperation ensures its fairness to lead the all over betterment. The cooperation is supported by more than 57 nations around the globe.
In the signing ceremony, the STTR Multilateral Convention for global tax cooperation was signed by nine participating jurisdictions. Along with that, ten other participating jurisdictions also signed a letter, which was to formally disclose their intention to sign the agreement in the near future.
Among other officials of different nations, fourteen participating jurisdictions just marked their presence in the signing ceremony without making any significant move. Twenty-four participating jurisdictions were those who extended their support to the STTR Multilateral Convention but didn’t commited anything.
The representatives of the member countries were part of the signing ceremony, who all were addressed by the finance minister of Barbados. Ryan Straughn, while representing his country, marked the commitment of Barbados to be a dedicated partner.
Minister Straughn stated in his words that businesses and investments are going to improve with the help of such corporate reform and the nation’s compliance. He expressed gratitude on behalf of his nation towards the pioneers of the process of understanding the necessity of reforms favouring global changes.
Straughn also talked about small and vulnerable countries and highlighted the importance for them to be part of this initiative. The finance minister also had a bilateral meeting with Mathias Cormann and Manal Corwin in relation to improving ties for tax and non-tax initiatives between OECD and Barbados.
Mathias Cormann is the secretary-general of the Organisation for Economic Co-operation and Development, also called OECD. Meanwhile, Manal Corwin is the Director of the Centre for Tax Policy and Administration.
Mathias Cormann said, “This signing ceremony is a further significant milestone in the implementation of the Two Pillar Solution to stabilise the global tax landscape, to reduce the incentive for multinationals to profit shift.”
He continued, “It’ll also curb harmful tax competition, remove inappropriate pressure on countries to offer low or no corporate tax arrangements in return for investment and help to generate important additional revenues for governments around the world.”
