| The 35 % Income Tax
exemption on the salary of persons recruited from abroad to International
Business Companies is granted by the Minister of Finance in accordance
with Section101 of the International Financial Services Act. |
|
The
applications are considered in cases where the Minister is satisfied
that a licensee must use the services of 'specially qualified persons'
in order to do its business effectively from within Barbados and that
it is unable to acquire those services within the Caribbean Community.
|
| Applications from
International Business Companies are submitted to the Ministry of Finance
through the Division of International Business, at the Ministry of Industry
and International Business. |
| Application letters
must be accompanied by the following: |
| -
copy of a work permit; |
|
-
curriculum vitae.
|
| The decision of the
Minister of Finance is formally communicated to the Permanent Secretary
at the Division of International Business, who relays the same to the
applicant. |
| |
