Tuesday, 27 December 2016

Originally posted in Wikipedia - Barbados

The following information was posted in Barbados to capture the historical moment when the Avoidance of Double Taxation Treaty was signed by CARICOM member states. The signing of the treaty was important in that it allowed for a portion of the income which was earned in the country to be retained in the form of taxes. 
Over time, the rate of withholding tax has changed and currently it is lower than the rate of VAT in Trinidad and Tobago. 
Does that suggest that after paying VAT to the Government of Trinidad and Tobago and people of the country that a person may find it reasonable to pay approximately the same amount of tax to allow for the movement of funds from the country legally or in compliance with the law?  Given that there has been an increase in the lower limit on which VAT is charged, then some persons may have income which is not subject to VAT.
For some persons the absence of the personal allowance and the assessment of tax on their income may seem enormous as they appear to have no reliefs available to them.
Then there are persons who are willing to support the services which are provided in the country through the payment of Income Tax, they seek advice and they monitor their lifestyles.... Here is an extract from the post on Barbados in Wikipedia:

The Double Taxation Relief (CARICOM) Treaty 1994

====The Double Taxation Relief (CARICOM) Treaty 1994====
On July 6, 1994, at the Sherbourne Conference Centre, St. Michael, Barbados, representatives of eight (8) countries signed the Double Taxation Relief (CARICOM) Treaties 1994. The countries which were represented were: Antigua and Barbuda, Belize, Grenada, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines and Trinidad and Tobago. <ref>http://www.ird.gov.tt/Media/Default/IRDTreaties/DTT-Caricom--1994.pdf</ref>

On August 19, 1994 a representative of the Government of Guyana signed a similar treaty.

Click on the following link to access the full post on Barbados

copyright Jennifer N Bailey
email: jennifernbailey24d@gmail.com

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