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TSTT takes Trinidad & Tobago into th…

TSTT takes Trinidad & Tobago into the digital transformation age

In a bold move to keep up with the global technological evolution,Telecommunications Services of Trinidad and Tobago (TSTT) under the guidance and leadership of CEO Dr. Ronald Walcott recently signed...

St. Vincent: Young Island Retains …….

St. Vincent: Young Island Retains …….

Private, romantic Young Island Resort in St. Vincent and the Grenadines has retained hospitality marketing specialists MP&A Digital & Advertising as its agency of record. The full-service marketing agency is charged...

Bolt to launch fifteen restaurants in UK

Bolt to launch fifteen restaurants in UK

Usain Bolt is set to open 15 restaurants in the UK serving classic Jamaican dishes and “burgers à la Usain”.

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Soca Music's Jade Lopez Resurfaces with …

Soca Music's Jade Lopez Resurfaces with Major Motivational Triumph

Persistence is a hell of a thing. One entertainer’s undying passion and his heritage have fueled what will likely be a long and prosperous career in music. Trinidad and Tobago’s Jade...

Ricky T and Jah Cure team up for “Freaky…

Ricky T and Jah Cure team up for “Freaky Girls” remix

It has been more than a year now that “Freaky Girls” from Saint Lucia’s Ricky T has dominated fetes, events and airwaves in all corners of the globe including the...

Nassy represents for Tobago Tourism with…

Nassy represents for Tobago Tourism with latest track

The brand new musical offering by budding artiste Nassy entitled “D Tourist” has become the latest viral sensation to come out of the twin island republic of Trinidad & Tobago....

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Monday, 29 November 2010 10:34

Canada Revenue Agency Confirms Barbados Insurers Exempt Status Featured

The Canada Revenue Authority (CRA) has confirmed that Barbados insurance companies including Exempt Insurance Companies (EIC) and Qualifying Insurance Companies (QIC) are "liable to tax" under paragraph IV (1) of the 1980 Barbados-Canada Double Taxation Agreement and can generate exempt earnings under Part LIX of Canada's Income Tax Regulations.
The CRA ruled that if a dividend is received before February 26, 2007 by a Canadian corporation from an EIC that is a foreign affiliate of the corporation and the dividend was assessed as being paid out of the taxable surplus of the affiliate, and there is a valid objection or outstanding appeal regarding the treatment of the dividend, the issue will be resolved in-line with its revised interpretation. Further, if the dividend was received on or after February 26, 2007 and the dividend was reported or assessed as being paid out of the taxable surplus of the affiliate, the corporation will be permitted to amend the return for the relevant taxation year provided that the amendment to the return is requested within the time period in which an assessment or reassessment for the year can be made. Minister in the Office of the Prime Minister with responsibility for Invest Barbados Senator Darcy Boyce says the interpretation brings to a satisfactory conclusion a matter that had given rise to an extended period of uncertainty among Canadian investors in Barbados' international insurance industry. He says not only does it quell concerns that Canada's negotiation of Tax Information Exchange Agreements with regional competitors might provide Canadian foreign affiliates in those jurisdictions with a competitive advantage over Barbados but, it demonstrates and reinforces Barbados' commitment to its existing clients conducting business in Barbados"

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