Just over a year after giving Barbados a failing grade for not fully complying with international tax standards, the Organization for Economic Cooperation and Development (OECD) now says the country is up to scratch.
A supplementary report issued by the OECD’s Global Peer Review process, following a January 2011 damning Phase 1 assessment, ruled that Barbados’ compliance with international standards had progressed significantly.
Barbados has therefore been given the green light to move on to Phase 2 of the evaluation.
“Given the progress made by Barbados since October 2010 to its legal and regulatory framework for transparency and exchange of information (EOI), in particular in respect of the elements that were found to be not in place, the Phase 2 review of Barbados will take place . . . during the first half of 2013,” said the 59-page report.
