* Barbados To Cut Corporate TaxThe Barbadian Minister of Economic Affairs, Mia Mottley, has announced that the government is seeking to bring about a further cut in the island's rate of corporate tax.
Mottley told parliament on Tuesday that under proposed legislation, the corporate tax rate will fall by 5% to 20%.
In addition, the new laws will widen the scope of duty-free imports to include raw materials as well as machinery and capital equipment in a measure designed to benefit small businesses.
Barbados has lowered its corporate tax rate several times in recent years as it gears up for a more competitive economic environment in its region following the launch of the Caricom Single Market Economy (CSME).
International pressure to dismantle the jurisdiction's dual regime for onshore and offshore entities has also forced the government to consider more radical corporate tax options, including a tax rate as low as 7%, but paid by all companies.
Barbados's standard rate of corporate tax rate has already fallen rapidly, and was as high as 40% as recently as 2003.