Eastmond & Co.

For Barbados and other CARICOM Countries, the OECD Initiative on Harmful Tax Competition which was pusblished in 1998 was a harsh introduction to developed countries' concerns about what they described as an erosion of their tax base. The targets were those countries which offered low statutory tax rates.
After that initiative failed, in 2013 the OECD turned to an initiative focusing on curbing Base Erosion and Profits Shifting (BEPS). Arising out of that came Pillars 1 and 2 which sought to address difficuties in taxation arising from theb digitalisation of the economy. The thinking was that the current international tax system was over 100 years old and not built to deal with the largest companies which could deliver their digital services without a physical presence. It was felt that the system had outlived its usefulness.

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