Barbados in an effort to improve existing international tax dispute procedures and to develop supplementary dispute resolution mechanisms in compliance, has committed to implementing the OECD BEPS Action 14 Minimum Standard – “Making Dispute Resolution Mechanisms More Effective”, so as to ensure that tax-related disputes are resolved in a timely, effective and efficient manner under the relevant double taxation agreement.
The BEPS Action 14 Minimum Standard assesses a jurisdiction’s legal and administrative framework in the following four key areas:
- Preventing disputes;
- Availability and access to Mutual Agreement Procedures (“MAP”);
- Resolution of MAP cases; and
- Implementation of MAP agreements.
Guidance