The Institute of Chartered Accountants of Barbados (ICAB) on Tuesday renewed its call for clearer and more consistent tax legislation, warning that international tax reforms are transforming the global environment at a speed that demands a fundamental rethinking of professional practice.
In remarks at the guild’s conference at the Lloyd Erskine Sandiford Centre, ICAB’s tax committee chair Marilyn Husbands warned that sweeping changes in the global tax environment required accountants to rethink long-standing approaches to tax compliance and advisory work.
“The global landscape, taxation and our responsibilities within it is evolving more rapidly than ever before,” she told delegates, noting that while adaptation was not new to the profession, the scale and pace of current reforms demanded a deeper shift in mindset.
Husbands said Pillar Two, the Organisation for Economic Co-operation and Development’s (OECD) Global Minimum Tax, represents more than a technical adjustment for Barbados, describing it as a strategic turning point with significant implications for how legislation is interpreted and applied.
Pillar Two is designed to ensure that large multinational enterprises pay a minimum level of corporate tax wherever they operate.
“For jurisdictions like ours, this represents not only a technical shift, but also a strategic one,” she said. “It compels us to rethink how we interpret legislation, how we evaluate complex group structures, and how we assess the tax implications for businesses operating across borders.”
She cautioned that the speed of regulatory change was now outpacing familiar processes, warning against continued reliance on traditional or mechanical approaches to tax computation.
“We can no longer rely on traditional approaches to respond to unprecedented realities,” Husbands said.
As technology becomes more embedded in tax reporting, she urged professionals to adopt a more sceptical and interrogative approach to data and system outputs.
“Our role lies not in passively accepting data, but interrogating it with rigour, confidence, and professional scepticism,” she said, questioning whether automated outputs accurately reflected legislative intent and underlying risk.
Husbands also underscored the importance of professional independence, describing it as fundamental to objectivity, sound judgement and public trust.
“Independence is not just a regulatory requirement, it is a mindset,” she said.
As Barbados continues to align its tax framework with international standards while preserving competitiveness, staying abreast of legislative change had become essential to professional credibility, she said.
“Staying abreast of legislative updates is no longer optional,” she said, adding that Pillar Two “is not merely a tax reform” but “a shift in global tax norms” requiring heightened scrutiny and proactive engagement with compliance and risk.
Husbands expressed confidence in the profession’s ability to meet the challenge, pointing to its long-standing record of operating at an international standard.
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