Barbuda MP Trevor Walker has expressed his full support for a resolution ratifying the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, emphasizing the need for timely action to prevent Antigua and Barbuda from facing international sanctions.
During the parliamentary debate this week, Prime Minister Gaston Browne introduced the resolution, highlighting its importance in ensuring Antigua and Barbuda’s compliance with global tax transparency standards.
The agreement, signed on October 28, 2024, commits the country to the automatic exchange of financial information with international partners, aiming to curb tax avoidance by multinational corporations.
Walker, while endorsing the resolution, urged the government to be more proactive in meeting international obligations to avoid potential graylisting or blacklisting by global regulatory bodies.
“I support the resolution wholeheartedly. It’s important that we recognize the significance of these matters. We really don’t have a choice when it comes to compliance,” Walker stated.
He acknowledged that Antigua and Barbuda had briefly been placed on a gray list by the European Union last year, an outcome he found concerning. He commended the government for taking corrective action but stressed that such situations should be avoided in the future.
“Given the global financial connectivity today, not staying compliant can have serious consequences for our country. While I have my own concerns about some of these international frameworks, the reality is that we must stay ahead of these obligations,” Walker added.
The Barbuda MP also pointed to the parliament’s busy legislative agenda, which includes other compliance-related bills such as those addressing Base Erosion and Profit Shifting (BEPS) and the Automatic Exchange of Financial Accounting Information. He concluded by calling on the government to remain vigilant and ensure that necessary legislative measures are presented and passed in a timely manner to safeguard Antigua and Barbuda’s financial reputation.
