Barbados: Selected Issues

May 30, 2018

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Format: Chicago

Barbados: Selected Issues, (USA: International Monetary Fund, 2018) accessed November 12, 2024

Summary

This Selected Issues paper summarizes recent development in Barbados’s International Business and Financial Services (IBFS) sector and assesses the extent to which the loss of correspondent banking relationships (CBRs) pose a risk to its future. The contribution of the IBFS sector to the local economy has been relatively stable in recent years but its contribution to fiscal revenues has declined. The sector has displayed lower profitability since the global financial crisis. More recently, it suffered from two changes in Canadian tax legislation. Consequently, tax revenues have declined while other expenditures have largely offset such decline. The sector also faces some risks from the loss of CBRs that has affected most Caribbean countries.

Subject: Banking, Correspondent banking, Financial institutions, Financial services, Insurance companies, Offshore financial centers, Revenue administration

Keywords: Barbados government, Caribbean, Consultancy firm, Correspondent banking, CR, Export company, Global, IBFS clients bank accounts, IBFS sector, Income tax, Insurance companies, Insurance management company, ISCR, Management company access, OFC company, Offshore financial centers

Publication Details

Pages:

19
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2018/134
Stock No:

1BRBEA2018002
ISBN:

9781484358320
ISSN:

1934-7685

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