Barbados could stand to benefit from the implementation of a higher tax rate for some multinational businesses.
The suggestion from Minister of Energy and Business Senator Lisa Cummins.
The rollout of the global minimum tax would require multinational firms making 750 million euros in sales globally, to pay a minimum tax rate of 15%.
Currently, these businesses pay at most 5.5%.
Senator Cummins suggests it could not only result in an increase in tax revenue, but also create the potential for attracting new businesses with similar environmental, social, and governance or ESG philosophies.
Senator Cummins was speaking during the launch of Global Business Week, slated for October 22 to 28.
She disclosed Government has engaged the services of international consultants from Paris and Brussels to determine when the global minimum tax should be implemented locally.
According to her, decisions have to be made on what is best for Barbados, as some countries are planning to implement in 2024 and others, 2025.
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