Automatic Exchange of Information (AEOI) Legislation

January 3, 2017By @BahamasFSBBFSB News, Industry News, International Issues, Tax Co-operation

Please be advised that The Automatic Exchange of Financial Account Information Act, 2016 (This Act came into force on the 1st day of January 2017) was assented to and has been published in the Official Gazette, The Bahamas on the 29th December, 2016. The Automatic Exchange of Financial Account Information Act, 2016, and Intended countries … Read More

OECD Provides AEOI Update – Over 1300 Bilateral Automatic Exchange Relationships in Place

December 22, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The OECD today reports that a further 350 bilateral automatic exchange relationships have been established between over 50 jurisdictions committed to exchanging information automatically, pursuant to the OECD [Common Reporting Standard](http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/) (CRS), starting in 2017. Two more rounds of activations are scheduled to take place in March and June 2017, which will allow the remaining … Read More

BEPS Action 4 Report to Curb International Tax Avoidance

December 22, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The OECD has released an updated version of the 2015 BEPS Action 4 Report, which includes further guidance on two areas: the design and operation of the group ratio rule, and approaches to deal with risks posed by the banking and insurance sectors. [Press Release](http://www.oecd.org/tax/oecd-releases-additional-guidance-on-action-4-of-the-beps-action-plan-to-curb-international-tax-avoidance.htm?utm_source=Adestra&utm_medium=email&utm_content=Read%20the%20press%20release&utm_campaign=Tax%20News%20Alert%2022-12-2016&utm_term=demo) [Report](http://www.oecd.org/tax/beps/limiting-base-erosion-involving-interest-deductions-and-other-financial-payments-action-4-2016-update-9789264268333-en.htm?utm_source=Adestra&utm_medium=email&utm_content=Access%20the%20report&utm_campaign=Tax%20News%20Alert%2022-12-2016&utm_term=demo)

The Bahamas Makes Progress in the Implementation of CRS

December 21, 2016By @BahamasFSBBusiness, Industry News, International Issues, Legal, Tax Co-operation, The Economy

Minister of Financial Services the Hon. C.V. Hope Strachan reported today that [the Bill](http://www.bfsb-bahamas.com/news.php?cmd=view&id=3694&pre=y) to provide for the implementation of the Common Standard on Reporting and Due Diligence for Financial Account Information in Tax matters and for connected purposes now has been passed unanimously in both Houses of Parliament. A release from the Ministry notes … Read More

Monaco Ratifies The Convention on Mutual Administrative Assistance in Tax Matters

December 14, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Today Monaco deposited its instrument of ratification for the [Convention on Mutual Administrative Assistance in Tax Matters](http://www.oecd.org/tax/exchange-of-tax-information/convention-on-mutual-administrative-assistance-in-tax-matters.htm), underling its commitment to fight tax evasion and avoidance. It is another important step taken in implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries, as well … Read More

Global Tax Transparency Summit Backs Push for Greater Transparency

December 9, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Twenty-six Parliamentarians have now signed a concordat calling on governments to support greater tax transparency by multinational companies. The signatories were in London for today’s [Global Tax Transparency Summit](http://www.parliament.uk/business/committees/committees-a-z/commons-select/public-accounts-committee/taxation/global-tax-summit-16-17/), hosted by the Committee of Public Accounts and attended by delegates from jurisdictions with a combined population of more than two billion people. The Parliamentarians agreed … Read More

Bahamas House of Assembly Passes Automatic Exchange of Financial Account Information Bill, 2016

December 8, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Yesterday, the Honourable House of Assembly passed the Automatic Exchange of Financial Account Information Bill, 2016 with the unanimous support of all Parliamentarians. This Bill, which provides for the implementation of [The Common Reporting Standard](http://www.oecd.org/ctp/exchange-of-tax-information/Automatic-Exchange-Financial-Account-Information-Common-Reporting-Standard.pdf) (CRS), will now move on to the Senate (The Upper House of Parliament) for debate and passing before it becomes … Read More

European Council Adopts Directive on Access to Beneficial Ownership Information

December 6, 2016By @BahamasFSBAML, Industry News, International Issues, Tax Co-operation

The Council today adopted a Directive granting access for tax authorities to information held by authorities responsible for the prevention of money laundering. According to a release from the EU, the Directive will require member states to provide access to information on the beneficial ownership of companies. It will enable tax authorities to access that … Read More

BEPS Guidance on CbC Reporting

December 5, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The [Inclusive Framework on BEPS](http://www.oecd.org/ctp/beps-about.htm) today released two new documents to support the global implementation of Country-by-Country (CbC) reporting (BEPS Action 13). These are: * Key details of jurisdictions’ domestic legal frameworks for CbC reporting; and * Additional interpretive guidance on the CbC reporting standard. These documents provide essential information that will give certainty to … Read More