Lest we forget
RECENTLY, we were reminded that 2017 marked the 20th anniversary of the Barbados International Business Association (BIBA) and that October 16 marked the commencement of the ninth annual International Business Week.
It occurred to me that November 15 will mark the 40th anniversary of the passing in our House of Assembly of a “Bill to amend the International Business Companies (Exemption From Income Tax) Act, Cap.77”, the passing of which provided the required impetus to activate that vibrant economic sector now known as the international business sector. Lest we forget, I pen these words in remembrance and celebration.
Successive Barbados Governments have sought ways to diversify the economy. In the 1950s and early 1960s, attempts to move away from almost total dependence on sugar resulted in the enactment of the Hotel Aids Act and various Industrial Incentive Acts which offered concessions to attract foreign and local investment in tourism and manufacturing activities. Reputable businesses
In a further effort to diversify the economy, the House of Assembly on Tuesday, July 13, 1965, passed the International Business Companies Exemption from Income Tax) Bill. SIR HAROLD ST JOHN
of its other meetings of directors and shareholders in Barbados”.
A further benefit tax wise was the additional clause to the definition of an IBC which required the body corporate to elect “that no credit shall be allowed against income tax by reason of taxes paid to a country other than Barbados in respect of income, profits or gains received by the body corporate in the form of dividends or otherwise”.
GIVEN THE CALLS from many enlightened sources for greater emphasis on science, technology and engineering, we seem to have missed another opportunity with the concept of the University College of Barbados.
Such an institution was/is one step away from a Barbados University of Technology and thus would be an excellent platform for the promotion of science, technology and entrepreneurship as “the principal drivers of economic and social activity”.
– SEAN ST CLAIR FIELDS