Economist weighs in on increase in corporate tax

A UWI professor and economist has offered his take on Barbados increasing its corporate tax.

Professor Justin Robinson says not complying with the international minimum tax rate would have been ruinous.

Speaking to CBC News the Pro Vice Chancellor of the Five Islands Campus says that with two of the island’s main trading partners, Canada and the United Kingdom already signed on, it was best that Barbados follow.

While Professor Robinson believes the changes were necessary, he’s not sure they are enough to satisfy the Organisaton for Economic Cooperation and Development, which is known to blacklist countries it considers to be tax havens.

Meanwhile, President of the Institute of Chartered Accountants of Barbados Tracey Marshall says terms used in yesterday’s presentation of the new tax structure need to be explained.

As a result, she says it would be premature for ICAB to make a comment on the full impact of the changes.

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