Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS

November 24, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

More than 100 jurisdictions have concluded negotiations on a multilateral instrument that will implement a series of tax treaty measures to update international tax rules and lessen the opportunity for tax avoidance by multinational enterprises. [The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS](http://www.oecd.org/tax/treaties/multilateral-convention-to-implement-tax-treaty-related-measures-to-prevent-beps.htm) will implement minimum standards to counter treaty abuse … Read More

Common Reporting Standard Implementation in The Bahamas

November 24, 2016By @BahamasFSBBFSB News, Industry News, International Issues, Legal, Tax Co-operation

The Bahamas Financial Services Board (BFSB) and The Association of International Banks and Trust Companies (AIBT), along with industry stakeholders, today held a consultative session with The Official Opposition to review draft legislation for the implementation of the Common Reporting Standard (CRS). The Leader of The Opposition and his colleagues were updated on why The … Read More

European Parliament – Automatic Exchange of Bank Account Information

November 22, 2016By @BahamasFSBAML, Industry News, International Issues, Tax Co-operation

Members of the European parliament (MEPs) [have approved plans](http://www.europarl.europa.eu/news/en/news-room/20161117IPR51550/tax-evasion-meps-back-automatic-exchange-of-bank-data-to-track-account-owners) to allow European tax authorities to automatically share certain information about bank account holders in order to prevent tax evasion and other financial crimes. Changes to a 2011 directive on “administrative cooperation” in tax matters come into force immediately, and must be implemented by member states … Read More

St. Lucia Expands Capacity to Fight International Tax Avoidance and Evasion

November 21, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Saint Lucia has signed the [Multilateral Convention on Mutual Administrative Assistance in Tax Matters](http://www.oecd.org/ctp/exchange-of-tax-information/convention-on-mutual-administrative-assistance-in-tax-matters.htm?utm_source=Adestra&utm_medium=email&utm_content=Multilateral%20Convention%20on%20Mutual%20Administrative%20Assistance%20in%20Tax%20Matters&utm_campaign=Tax%20News%20Alert%2021-11-2016&utm_term=demo), becoming the 107th jurisdictions to join the Convention. The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended in 2010 to respond to the call by the G20 to align it to the international … Read More

European Council: Criteria for Screening Third Country Jurisdictions

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

The European Council has agreed both the criteria and the process for the establishment of an EU list of non-cooperative jurisdictions in taxation matters. It is anticipated that the Council will be able to endorse the list of non-cooperative jurisdictions by the end of 2017, following the conclusion of the initial screening process. It was … Read More

EU Tax Authorities to Gain Access to Beneficial Ownership Information

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

The European Council has reached agreement on a proposal granting access for tax authorities to information held by authorities responsible for the prevention of money laundering. The directive requires member states to enable access to information on the beneficial ownership of companies, and will apply as from 1 January 2018. The Council is expected to … Read More

Global Forum’s International Tax Transparency Agenda

November 4, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The [Global Forum on Transparency and Exchange of Information for Tax Purposes](http://www.oecd.org/tax/transparency ) met in Tbilisi, Georgia on November 2-4. The annual meeting brought together 220 delegates from 84 jurisdictions and 12 International organisations to further their shared goal of improving tax transparency and achieving a level playing field. Announced was the completion of the … Read More

Way Forward Identified on Correspondent Banking Challenge

October 31, 2016By @BahamasFSBBusiness, Industry News, International Issues, Tax Co-operation, The Economy

Stakeholders, including senior representatives of international financial institutions, commercial banks, central banks, governments the Caribbean Community (CARICOM) Secretariat and the Caribbean Development Bank met in Antigua and Barbuda on 27 and 28 October 2016. The Conference was held under the Chairmanship of the Prime Minister of Antigua and Barbuda, the Honourable Gaston Browne, and was … Read More

9th Meeting of Global Forum

October 28, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

[The Global Forum on Transparency and Exchange of Information for Tax Purposes](http://www.oecd.org/tax/transparency/) will host its 9th meeting in Tbilisi, Georgia on 2-4 November 2016. According to a release from the OECD, top of the agenda will be tax transparency and steps to ensure a worldwide level playing field. Also at the meeting, the Forum will … Read More