• Technical working group demonstrated excellent coordination and cooperation
    leading to positive outcome for The Bahamas

Source: Ministry of Finance (MOF)
Author: Central Communications Unit (CCU), MOF
Date: May 25, 2018
Contact: MOFComms@bahamas.gov.bs

The Bahamas was removed from the European Union’s (EU) list of Non-Cooperative
Jurisdictions for Tax Purposes following a positive technical recommendation from the EU Code
of Conduct Group (CoCG), which was formally adopted by the Council of European Union
Finance Ministers (ECOFIN) this morning.

This is the result of excellent coordination and cooperation by Ministers and their technical
teams, especially the Ministry of Finance, Ministry of Financial Services, Trade and Industry &
Immigration and the Office of Attorney General & Legal Affairs, who worked along with the
Bahamas Financial Services Board and the Association of International Banks and Trust
Companies and other financial services industry partners, forming a high level technical working
group dedicated to addressing this issue and the continued challenges to this important sector of
our economy.

The Bahamas remains committed to constructive engagement with the ECOFIN and the CoCG
technical committee to meet or exceed global standards of conduct and cooperation in tax
matters and to the timelines set for technical compliance and legislation to effect the same.
The Government of the Bahamas remains committed to the financial services industry and to the
success of the Bahamian professionals who form the foundation for its continued viability.