Barbados and other Caribbean Community (CARICOM) member states are being warned of the need to adapt new corporation tax rules in order to protect their tax base in light of new global changes.This caution has come from Secretary General of the CARICOM Secretariat Dr Carla Barnett, as she addressed the second Distinguished Owen S. Arthur Memorial Lecture at the Errol Barrow Centre for Creative Imagination on Monday on the topic The Future of CARICOM: Charting a Vision for the Region’s Economic Advancement.Barnett said the time had come for the region to review its double taxation regime and prepare to put new corporation tax rules in place in light of the changing global requirements.“Alongside the initiative to modernise and further develop the CARICOM financial sector and the common investment space, is the reality of the evolving global tax governance agenda and financial regulatory architecture,” she said.“The intra-CARICOM double taxation agreement which predated the revised treaty has been deemed to be non-compliant with member states commitments in respect to the global tax governance agenda which now emphasises exchange of tax information and tax reform to prevent evasion and avoidance, especially given the challenges emanating from the digitalisation of the global economy
