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Avocado Roundup: Barbados Leader Warns Corporates That Island’s Low-Tax Rates Could Rise Soon

Avocado Roundup is a quick review of top tax, legal, and climate news stories. It’s written by humans.

  • Barbado’s corporate tax rate ranges from 1% to 5.5%, but Prime Minister Mia Mottley is warning big companies that with the OECD pushing for 15% global minimum tax rules to take effect worldwide by next year, corporations should expect the tax haven’s rate to rise. Mottley, noting that the European Union earlier this year removed the Caribbean country from its blacklist of uncooperative jurisdictions, said the country wants to stay off that list. (Barbados Today)
  • Qatar’s General Tax Authority and the Organization for Economic Cooperation and Development held a regional workshop Monday that among other things aimed to inform companies on efforts in the region to apply the 15% global minimum tax, and other global rules to combat tax base erosion. The event brought together representatives from the Gulf Cooperation Council states, which include Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman. Representatives of ministries, institutions, and private sector in Qatar also attended, according to a report. (The Peninsula(LinkedIn)
  •  Singapore’s planned rule changes to tax certain disposal gains by entities of multinational groups are not aimed at taxing capital gains in Singapore but, rather, aimed at aligning the city state’s tax regime with international norms on harmful tax practices, a practitioner reported. (LinkedIn)

Tax Enforcement

  • A federal grand jury indicted a US citizen who worked for Chinese companies on charges filing a false tax return and failing to file a report of a foreign bank or financial account. (Justice.gov)
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