The Institute of Chartered Accountants of Barbados and the Association for Global Business in Barbados have stepped up the urgency for multinational enterprises and advisers to complete their first global minimum tax filings before the June 30 deadline, as authorities warned that penalties will apply for late or non-compliance.

ICAB teamed up with the BBA to host a critical joint workshop aimed at preparing multinational enterprises, tax practitioners and legal professionals for the island’s rapidly approaching global minimum tax deadlines.

ICAB Chief Executive Officer Lisa Padmore emphasised the urgency of the session. She told Barbados TODAY of a race against the clock to meet the compliance standards established by the island’s overhauled international tax regime.