PDC…………..here is your long winded explanation to me that i compressed to the really important parts………………
Hence, Well Well, though you did not say it expressly, you implied it in one of your last blogs directed to us …….. (Appears you still want to keep the bank, but you cannot do so unless you FOLLOW foreign banking rules and regulations), the suggestion that the Central Bank of Barbados once it remains in existence it has to FOLLOW these FOREIGN BANKING RULES AND REGULATIONS – which you have so far failed to identify!!!

PDC……………………i will reply in the next comments.

@ David

If you don’t think the Barbadian ‘educated’ engineers etc can’t develop and register patent etc you might as well close down the UWI and all the other schools from primary to tertiary.

Supposing CBC owes the Excise and Customs $16 million in Vat……but transfers owed to CBC not yet rec’d total $26 Million..somebody will say..ok we will pay Vat when the money comes, UWI owes $3 mil in Vat (bookstore n Cafe)but expecting $150Mill form Due from Govt….How the treasury accounts for these transactions will depend on current Adm policy of recognising Vat Revenue….Under a consolidated statements method such inter-co transactions will be netted off to avoid double accounting. Obviously this is not so easy with government accounting. Just picture the umpy possibilities that can come about with this thing called Govt accounting and the mistakes that can be made thru incompetency skills or otherwise..

Pacha…………………of course innovators from all over the world can register inventive patents at the library of congress in Washington, they do not have to depend on Corporate Affairs or whichever organization handles such documents………

According to Observer’s “lumped figs”….who is to say Vat Revenue in 2011 does not include Vat owed from 2009 now collected in 2011….that is why further analysis is necesssary… hence Alvin …common sense must prevail……notwithstanding Observer’s source….where from bro..?

Taxation stays PDC
Lets hear your next impossible task
You are deliberately setting yourself tasks you know that you cannot achieve. There has to be term for it in psychology.

will find it

Would be interesting to find out who are the two patent lawyers in Barbados.

@PDC

If you read the link you provided you would have seen that Central Bank from G7 and G20 countries are members of Basel. Here is the question therefore: Of the banks in Barbados how many are domicled in a G7 or G20 country. If any are domiciled in a G7 or G20 country would they not have to follow Basel directives?

@ Pachamama

Anyone can submit a patent with its claims including engineers but there is a specific expertise that a competent patent lawyer brings to that claim so that it not only speaks to what is in existence (prior art) but, because of the lawyer’s wordsmithing encompassed other technologies yet to be developed.

For example the patent for photographic process could, because of a few words, either be limited to say for example what is now outdated photographic film/material or, by carefully though out words, expanded to the “third generation” definitions to include HD image recording processes just because of a few words.

Patents that are registered in 3rd world jurisdictions ONLY (without concurrent WIPO prosecutions and other internationally accepted prosecutions) are, by virtue of their place of registration, not accorded “equality” during litigation in certain 1st world countries.

In layman’s terms you may liken this equality to the scrutiny that a person bearing a passport from Guyana is subjected to as opposed to one from Jamaica when one arrives at the Immigration counter.

Some jurisdictions have a reputation that their travel documents are compromised at source i.e. the immigration department is complicit in purposed falsification scheme. I am not defaming any specific country just giving a hypothetical.

There is something called “priority date” which features in patent litigation cases and refers to who was first to file a patent.

Now it is possible for example for a Bajan like me, having a good friend at CAIPO, to lodge a patent at CAIPO and have it backdated and then seek to sue Apple stating that my Barbados date precedes their IPAD registration, for example. This is why many feel that these, and the poor man’s patent’s (sealing and sending the patent material to yourself when you dont have the money to do the official registration) are really a colossal waste of time

It is however possible to do a Barbadian patent registration and, post having it registered here, follow up with national registrations in those countries where you propose to do business, as well as do a WIPO registration. Each step is time sensitive though.

David Weekes says:

“Patents that are registered in 3rd world jurisdictions ONLY (without concurrent WIPO prosecutions and other internationally accepted prosecutions) are, by virtue of their place of registration, not accorded “equality” during litigation in certain 1st world countries.”

My point exactly, registering your patents in certain jurisdictions causes you to run the risk of someone with the same idea coming after you who is registered at the Library of Congress suing you because your registered patent is deemed not meeting international world standard because of the jurisdiction.

Meaning that Bajans living abroad would be recognized as FULL citizens, required to pay taxes.

Brilliant idea especially fuh we CanaBajans.
We would just have to reduce the remittances and go to Cuba or the Dominican republic for an affordable vacation after paying these new taxes.

We can see relatives back home on Skype but we might still be able to bring them up for a Christmas vacation because of the cheap flights Marville does selloff at Christmas.

@Pacha

Don’t forget the Black Belly sheep which was US patented…lol.

The black belly sheep sat in Bim for how many years, what took them so long to realize that it should be patented, oh, they were waiting for the Americans to do it for them…………same with the sugar, it is rebranded by a non-Barbadian and sold all over Europe, while the local government exports it to Europe at a loss……………

@Pachamama
Just because one files a tax return in the US it doesn’t mean one actually pay taxes. And, a bajan residing overseas and earning income locally or holding property here is already required to pay taxes. That’s not the same as paying a fee to maintain citizenship. The US tax code is so complicated even lawmakers over there don’t understand it, it’s riddled with deductions and exemptions to the point were they have created an industry for tax avoidance. That is what they are chasing with overseas taxes, not charging for citizenship.
If you want to, as you say, ‘build strategic relations with citizens elsewhere’ you think the best way is to jack them up for money when the government runs into problems? And what ‘protection’ does the government offer citizens abroad exactly?
Bajans always carrying on with profundities about reforming education, breeding entrepreneurs, sustainable agriculture and exports now it’s patents. Wishing for all these pie in the sky imaginings to materialize out of nowhere is not going to help us. How is any of it going to happen? Who is going to do the work to make these thing come to pass? The civil service? Government ministers? internet bloggers? the Boy Scouts?

Tired and Inspired………………forget the ministers, they can’t even think in straight lines, you stand a better chance with the boys scout………..

@ old onion bags

A few years ago, the government changed its accounting system from cash basis [i.e. revenues are reported in the income statement when cash is received and expenses when cash is paid] to accrual basis [i.e. the adjustment process is used to assign revenues to the periods in which they are earned and expenses when they are incurred].

@ Pachamama

We are our worse enemy.

You may not know this but in the course of any one year there are no less than 20 IP seminar/workshops conducted across Barbados by local agencies and international institutions on patents, copyright and trademark issues.

Every year i get invited to some of these, not all, my name has been banned from most of them nowadays, and all of the pundits talk pretty at the meetings.

Let me give you the format, the BLP/DLP minister introduces the conference, the invited guests show a lot of slides, people like you and me get up and vent, we break for sumptuous lunches, the Moderator thanks everyone for coming and we break away into small groups exchange business cards and meet and do the same thing the following week.

Now we bemaon the fact that we dont have a resident pool of IP personnel in Barbados (and in the region) however when WIPO and the rest of these agencies coordinate these local gatherings, instead of us requesting some permanent transfers of these skills we sell ourselves short for their underwriting of a local conference which their EU budget has allocated for this exercise with the natives.

No one is prepared to say to WIPO that, as part of their on-going outreach, what we want them to fund is a “revolving” IP training pool which takes (i) existing lawyers and (ii) final year students ant the Law Faculty of Cave Hill and the Hugh Wooding facility in T&T and exposes them to tailored Skills Transfer programs

THe objective(s) of this “revolving” IP Skills Transfer programme is that over the course of the following 5 years, it will create resident capacity for IP, in Barbados, and across the region.

Such a program, augmented by ICT, would provide training for enrolled lawyers, and other interested professionals, to train in and become certified by WIPO or other acreddited agency, in IP basic, intermediary and advance IP prosecutions.

It could even be augmented by some type of established relationship with a few EU based legal/academic institutions supported by the expensive and underused distance learning facility at Cave Hill.

I am sure that LIME or Digicel or one of these telecoms firms would rush to give $$ to UWI for something as meaningful as facilitating our entrepreneurs, professionals and all and sundry the resident capacity to make proper PCT submissions

This really comes down to us as a people stopping begging from these agencies (as Mr Cadogan has stated that i am begging for QCs and $$ for my case against the Geriatric Hospital) and to demand that they, in giving us these TA programmes, fashion something that we own, instead of needing to beg for another handout next year.

I am not an expert on this subject matter, I however have 17 patents and patents pending so my suggestions come from the school of hard knocks and the painstaking process of converting IP to viable commercial products across the minefield of disbelief ( a black man did what?), inadequate financing (that is too much money for you) professional shepherding (people who dont know anything about anything but are being paid to mentor you, infringers (private sector and government) and legitimate real world competitors (for whom corporate espionage is a whole different ball game.

These difficult times demand that we change the rules that are being spoon fed to us.

It is my profound hope that entities like CAIPO and the relevant Ministries of Government start demanding more of these counterpart agencies if they are serious about changing our path towards economic stagnation.

Don’t mind Weekes, a day coming soon I. like all of you, will lie down and die and all of my ramblings will cease and desist.

Focus on what is useful in my message, Chaff and Grain “keep what is worth keeping, and with a breath of kindness, blow the rest away”

“Some state categorically that Sugar is dead. Tourism, according to wiser commentators than I could ever be, is said to be dying. Offshore financial institutions are closing down and/or moving to other more “amenable” jurisdictions.

We have to look at alternative strategies to bolster our economy because this recession, and increasing violent crime, doesn’t really care if you are a DLP or BLP supporter. ”

the problem is that some leaders in this country dont see things this way. clearly everything is ok.

“PRIME MINISTER Freundel Stuart has advised Democratic Labour Party (DLP) colleagues not to be sidetracked by “infantile and puerile tit for tat”, saying that the big picture must be to create a better Barbados.

Stuart was speaking yesterday morning during worship at St Paul’s Anglican Church, where dozens of party supporters offered thanks for their 2013 general election triumph and also celebrated the 58th anniversary of the founding of the party.

Before a congregation that included a number of knights – Sir Frederick Smith, Sir Philip Greaves, Sir Harcourt Lewis and Sir Frank Alleyne – the Prime Minister told party members that good Government could not be achieved by being engaged in adolescent sparring.

Stuart said the Government’s objectives could only be achieved by a disciplined analysis of the challenges facing Barbados and a determination to face “those challenges courageously and creatively”.

old onion bags

Out in full force, misleading all the other BLP idiots.

Onions after all that you said in the run up to the last elections and nothing at all that you said came to fruition, I hate to break this news to you , but your credibility is shot to hell.

However you are doing a great job leading the other BLP jokers up the path to La La land. that will give the DLP the necessary room to continue to keep this country afloat without any unnecessary distractions.

BTW you and CASWELL FRANKLYN have another five years to continue to sign for your supper. I rather think that you will be a little ancient to for that post as High Commissioner to England in the next five years.

You are already wash-up just like SEETHRU.

@ David
Somehow the blog droppin words and letter like crazy…

@ Carson
Morning C….Is THIS the way you greet bearers of Good News son?

David,

We could not have done the amount of online research to tell you of the total number of the banks (commercial retail?) in Barbados how many are domiciled in a G 7 or G 20 country? Any how we can only answer your question a little bit by saying that there are the Royal Bank of Canada, the Canadian Imperial Bank of Commerce (First Caribbean) and the Bank of Nova Scotia that are Canadian based commercial banks and that have branches or subsidiaries here in Barbados that are too located in Canada, USA, Europe and elsewhere. We cannot tell you yet if Republic Bank or First Citizens are located in a G 7 or G 20 country. Anyhow to answer your question as to whether they would not have to follow Basel directives: 1) as said in an earlier post the Basel Committee on Banking Supervision do not produce directives. They produce guidelines and standards, like the International Standards on Capital Adequacy (Wikipedia.org) The Committee does not have any authority to ENFORCE recommendations (Wikipedia.org). This committee and the Bank of International Settlements do not make international law and therefore cannot enforce international law because they are not a body recognized in international law.

2) Their recommendations and standards too are only just those. In its Annual Reports and Annual Meeting for 2012, the Bank of Nova Scotia in writing about the nature of their own forward looking statements remarked that these statements involve numerous assumptions, inherent risks, and uncertainties, both general and specific, and the risks that predictions and other forward-looking statements will not prove to be accurate. In this particular online document it asks readers and by extensions others to do not rely on forward looking statements as a number of important factors, many of which are beyond their control, could cause actual results to differ materially from the estimates and intention expressed in such forward looking statements. Among many other factors they mentioned are the effect of changes in MONETARY POLICY, LEGISLATIVE and REGULATORY developments in Canada and elsewhere, including changes in tax laws (www.scotiabank.com). Hence a careful understanding of the last statement there shows that Scotia Bank recognizes that the laws and rules of countries/nation/states may be or are strong enough to help produce results that are materially different from their own estimations and intentions, eg Basel standards, as are contained in their forward looking statements. Therefore, Scotia Bank and other international commercial banks must recognize that they have to follow the national laws and rules of their own home countries and others or through their representative bodies have social frameworks for consultations and cooperation with home regulators on the way forward for political legal implementation of such recommendations and standards in the respective jurisdictions. Such information from Scotia Bank also confirms what is also on wikipedia.org that Basel recommendations are enforced through national laws and regulations rather than as a result of Committee recommendations and that without adopted by or assented to in such legislation and regulation by sovereign powers they will be mere recommendations and guidelines issuing out of these particular groupings.

3) With regard to the estimations and intentions of forward looking statements, and certains conditions that can help produce results that are materially different from what was expected. David, google Basel 111 and you will see that there is this wikipedia information that tells you how serious concerted political agitation can derail stall the intentions of the Basel Committee. Read how the Federal Reserve Board (a sovereign power in the USA) announced in December 2011 that it wanted to implement Basel 111 rules (rules according to wikipedia.com ), most likely because the USA is a member of the Basel Committee and which therefore through the Fed can be applied to banks in the USA ( not rules for the government of Barbados since in this case they cannot be applied to Barbados).

The Federal Reserve Board had stated how they would not only apply to banks but also to any financial institution that had assets of more than US $ 50 billion. According to Wikipedia.org too there was even an OECD study which said that those recommendations would bring about so-called economic growth (where??). But many banks in the USA got together and argued that the implementation of Basel 111 would hurt so-called economic growth.

But could you imagine that by now the OECD would have made a volte face on their position of material growth and instead was later reported as saying something different from earlier that it would decrease so-called economic growth by 0.05 to 0.15 per cent blaming regulation for slow recovery from the 2008/9 financial crisis. At this time too a number of USA congressmen had got involved in voicing opposition to Basel 111.

So, what wikipedia.org would also tell you is that in January 2013 the global banking sector won a significant victory with the Basel Committee over the implementation of Basel 111 standards, when the Basel Committee extended the implementation schedule to 2019. So it shows that with serious concerted political action anywhere against these kinds of plans that they could be derailed or delayed or cancelled.

4) To show that the Central Bank of Barbados and by extension the government of Barbados have the only say in determining which, when Basel recommendations and guidelines would be implemented in Barbados and the type and amount of legal and regulatory weight that they would carry, NOT any Basel Committee or Bank of International Settlements, and NOT any parent body of multinational banking institutions – the authors of these recommendations and guidelines; are shown in the time that, say, Basel 11 came about, and the length of time the relevant aspects of it took to be implemented in Barbados, are shown by a limited number of relevant guidelines issued by the Central Bank of Barbados, namely, the stress test guideline, the consolidated supervision guideline and a few others and when contrasted with the great number of guidelines and assessments some other regulators issue within their own jurisdictions – which is natural given that Barbados is a smaller less complex financial jurisdiction than say France, Spain,etc; are shown by the fact that say the capital adequacy regulation 1998, made under the Financial Institutions Act, a light weight measure when viewed against a few if any anticipated breaches of the regulation by any financial institutions when contrasted with, say, the Money Laundering and Terrorism Act, a more significant Act than that regulation itself.

Our research has shown too that the Central Bank of Barbados, whilst not being a member of the Basel Committee and a member of the Bank of International Settlements, is a member of the Caribbean Group of Banking Supervisors, a body whose aim is to enhance and coordinate the harmonization of bank supervisor practices in the English speaking Caribbean, with a view to bringing them in line with internationally accepted practices (Central Bank of Barbados website).

For further information on these types of matters see the Financial Stability Report 2012, and the Central Bank of Barbados website.

PDC

Give Alvin a break…….he is from the old school ways of thinking. At Cawmere he was always slow…I recall his request yesterday for figs. but I wondered what for..since he was always flunkin maths and star gazin at wood doves.

I was trying to remember the name of that company who owns the plate that prints money for Barbados……….thanks Old Onions..

Carson boy…………….you are stronger than before, don’t be selfish, share the information with us…………..cause if it tanks, you know what will happen don’t you??