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.

Daily Nation (Barbados) - - Front Page - By KEN HE­WITT

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”.


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