Barbados says it has signed an avoidance of double taxation agreement with the Republic of San Marino as well the prevention of fiscal evasion with respect to taxes on income.
A government statement said that the agreement was signed in New York last month and formalises the bilateral agreement which was initialled in July 2012.
Barbados Permanent Representative to the United Nations, Ambassador Joseph Goddard and Permanent Representative of the Republic of San Marino, Ambassador Daniele Bodini signed the accord.
Goddard said Barbados had succeeded in developing a strong, well-regulated international business and financial services sector and was pleased to add San Marino to its growing treaty network.
He stated the agreement would enhance the investment frameworks of both countries thereby facilitating trade and providing investors with more investment options.
Bodini welcomed the signing noting that he hoped it would promote the strengthening of the relationship between Barbados and San Marino to the mutual benefit of both countries.
He noted that as small states with economies heavily dependent on tourism and financial services, Barbados and San Marino had much in common.