In several Caribbean countries, the U.S. Internal Revenue Service permits companies to deduct the costs of their meeting equivalent to what they might claim if the meeting were held in the United States.
Several members of the Caribbean Tourism Organization (CTO) have signed Tax Information Exchange Agreements with the U.S. Government, making meetings eligible for tax credits. Conventions and meetings held in Jamaica, Guyana, Barbados, Dominica, St. Lucia, Grenada, Dominican Republic, or Trinidad and Tobago are eligible for these tax credits. Under the agreement, U.S. companies can calculate the cost of their conventions or meetings on these islands equivalent to what the meeting would have cost if it were held in the U.S, and deduct expenses accordingly.
Meetings held in the USVI and Puerto Rico are tax-deductible as well. Also, under the 1988 U.S.-Bermuda Tax Treaty, meetings conducted in Bermuda have the same tax privileges as those held in the United States.