On November 20, 2018, the Prime Minister of Barbados, the Honourable Mia Mottley, gave a ministerial statement to the House of Assembly, which boldly changed the island’s entire corporate tax landscape. After the country signed on to the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), the Government of Barbados was bound by commitments made to the OECD and the EU to amend or abolish its international business sector framework by the end of 2018. Many regimes that were attractive to international clients, including international business companies (IBCs) and international societies with restricted liability (ISRLs), were deemed potentially harmful and therefore not in line with the OECD’s BEPS agenda.

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