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China and Barbados Signed Protocol on Tax
On the morning of Wednesday, 10 February, the Hon. George Hutson, Minister of International Business and International Transport of Barbados and H. E. Wei Qiang, Ambassador of China signed, on behalf of their respective Government, the Protocol to the Agreement between the Government of the People's Republic of China and the Government of Barbados for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, in a ceremony held at the Ministry of International Business and International Transport.
In his address at the ceremony, Ambassador Wei highlighted the firm willingness of his Government to enhance China-Barbados business ties so as to expand further the economic foundation of the excellent bilateral relations and expressed his belief that the above-mentioned document will serve well the purposes of deepening the mutually beneficial cooperation between China and Barbados in all relevant areas.
He explained the two Governments signed the Agreement in Beijing on as early a date as May 15th, 2000, and that the many changes and new situations taking place since then in both countries and in the wider international community in terms of relevant domestic laws and regulations as well as international taxation practices made it necessary for the two Governments to amend some aspects of the Agreement. Thus, he said, competent authorities of the two countries carried out friendly, careful and detailed discussions in January last year and, with Wednesday morning's signing ceremony and hence the conclusion of the Protocol to the Agreement, new horizons had been opened for entrepreneurs of the two countries to be able to explore and exploit their business opportunities in a sound and confident manner, for the benefit of the two sides.
Ambassador Wei thanked sincerely, on behalf of the Chinese Government, the Barbados Government for its collaboration and the Minister Hutson for his support on the issue.
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