The Barbados Ministry of International Business and Industry has issued a notice to grandfathered entities regarding International Business Companies (IBCs) and International Societies with Restricted Liability (ISRLs). Barbados effectively abolished IBCs and ISRLs in 2018 in order to comply with the requirements of BEPS Action 5 (Harmful Tax Practices), with grandfathering provisions. The notice, dated 15 October 2020, is as follows.
---
Notice to Grand-Fathered Entities
CONVERTING TO D…