Barbados Abolishing Foreign Currency Earnings Credit and Issuance of Licenses for International Business Companies and International Societies with Restricted Liability

The Barbados Ministry of International Business and Industry has issued a release announcing that in order to comply with the requirements of BEPS Action 5 (Harmful Tax Practices), the foreign currency earnings credit and the issuance of licenses for international business companies (IBCs) and international societies with restricted liability (SRLs) will be abolished. With respect to the foreign currency earnings credit, Barbados will be moving to a regime that will see the convergence of ta…