Daily Archives: January 11, 2014

Canada puts the tax squeeze on Barbados offshore corporations. Barbados puts on Happy Face!

Barbados Smiles Happy Face

Barbados puts on a happy face and buries in the press release that offshore secrecy between Bim and Canada is a thing of the past…

The Protocol amending the Agreement between Canada and Barbados for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital is now in effect. It entered into force on 17 December 17, 2013.

“On November 8, 2011, Canada and Barbados signed a Protocol to amend the 1980 DTA. This Protocol, among other things, now allows entities operating in the international financial services sector to benefit from a number of provisions in the Treaty, including the provisions on residency. In addition, such entities will now be covered under the new comprehensive exchange of information provisions which now meet the OECD standard.

Barbados values the mutually beneficial and long standing relationship with Canada and welcomes this development as it will further concretise Barbados’ principles of transparency and substance. Through our network of tax treaties, it will further solidify Barbados’ commitment to international best practices on the exchange of information.

Read the full story: Barbados Prime Minister: Protocol Takes Effect

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Filed under Barbados, Canada, Offshore Investments

Former Hindu Credit Union president Harry Harnarine pays the price for failure

“Harnarine said his biggest concern is that if he is declared bankrupt although he may soon successfully attain his law degree, he would be unable to practice.

During the recently concluded enquiry into the failure of HCU several depositors who were unable to withdraw funds from the institution blamed Harnarine personally for the death of family members.”

Harry Harnarine wants to be lawyer!

Harry Harnarine wants to be lawyer!

The failure of the Hindu Credit Union destroyed lives, pensions, families and businesses.

And when we say that HCU destroyed lives, we mean exactly that. Distraught people killed themselves because they trusted Harry Harnarnie with everything they had, and Harnarine and his cohorts betrayed that trust.

Now we see that what goes around comes around.

The T&T High Court says that Harry Harnarnie owes Afra Raymond $868,000…

… and Harnarnie doesn’t have that kind of cash lying around.

Or so he says.

* quote from Trinidad Express Final straw to kill me

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Filed under Business & Banking, Consumer Issues, Corruption, Disaster, Economy, Offshore Investments