Implementing the OECD’s Common Reporting Standard for the Automatic Exchange of Information

September 15, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Minister of Financial Services the Hon. C.V. Hope Strachan, M.P. says The Bahamas is on track to implement the CRS in 2018. Asserting that The Bahamas has demonstrated a commitment to create a financial services sector that is well equipped to compete and succeed in the increasingly regulated environment in which the industry now operates, … Read More

Pakistan Signs Multilateral Convention on Mutual Assistance in Tax Matters

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

Senator Mohammad Ishaq Dar, Minister of Finance, today signed the [Multilateral 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), with Pakistan now becoming the 104th jurisdiction to join the Convention. The Convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous … Read More

The Bahamas’ Approach to Implementation of the Common Reporting Standard (CRS) and Related Matters

September 9, 2016By @BahamasFSBBFSB News, Industry News, International Issues, Tax Co-operation

The Bahamas Financial Services Board (BFSB) has published an update of its FAQs relating to the approach taken by The Bahamas on CRS – as well as other issues relating to its Tax Information Exchange Agreement (TIEA) and Anti-Money Laundering (AML) regimes, and tax transparency and cooperation generally. See pdf below.

The Bahamas – Implementation of OECD Common Reporting Standard

September 6, 2016By @BahamasFSBBFSB News, Industry News, International Issues, Tax Co-operation

Today the Minister of Financial Services, the Hon. C.V. Hope Strachan, M.P., issued a press release (see pdf below) providing an update on currents efforts to ensure the timely implementation of the OECD Common Reporting Standard (CRS) using a bilateral approach. The Bahamas Financial Services Board (BFSB) is actively collaborating with the government in this … Read More

The OECD and The Global Growth Strategy

September 5, 2016By @BahamasFSBBusiness, International Issues, Tax Co-operation

Leaders of the G20 countries meeting at their [Summit](http://www.g20.org/English/index.html) in Hangzhou, China, have called on the OECD to help develop an agenda to building a stronger, more innovative and inclusive world economy. The leaders endorsed a series of Action Plans to implement their growth strategies covering a broad swathe of policy areas – from innovation … Read More

G20 Summit to Discuss International Tax Transparency

August 29, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

EU Council and Commission Presidents Donald Tusk and Jean-Claude Juncker have outlined the key issues to be discussed at the G20 summit in Hangzhou on 4-5 September. On the matter of international tax transparency and combatting the financing of terrorism, the Presidents note: *”The G20 should reiterate its call on all countries and jurisdictions to … Read More

Signatories to Convention on Mutual Administrative Assistance in Tax Matters Now Exceed 100

August 25, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Burkina Faso, Malaysia, Saint Kitts and Nevis, Saint Vincent and the Grenadines, and Samoa today signed the [Multilateral Convention on Mutual Administrative Assistance in Tax Matters](http://www.oecd.org/tax/exchange-of-tax-information/conventiononmutualadministrativeassistanceintaxmatters.htm?utm_source=Adestra&utm_medium=email&utm_content=Multilateral%20Convention%20on%20Mutual%20Administrative%20Assistance%20in%20Tax%20Matters&utm_campaign=Tax%20News%20Alert%2025-08-2016&utm_term=demo), bringing the number of participating jurisdictions to 103. The OECD advised that Andorra, Saint Kitts and Nevis, and Senegal also deposited their instruments of ratification of the Convention today. … Read More

Liechtenstein Ratifies the Convention on Mutual Administrative Assistance in Tax Matters

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

Liechtenstein today deposited its instrument of ratification for the [Convention on Mutual Administrative Assistance in Tax Matters](http://www.oecd.org/tax/exchange-of-tax-information/conventiononmutualadministrativeassistanceintaxmatters.htm?utm_source=Adestra&utm_medium=email&utm_content=Convention%20on%20Mutual%20Administrative%20Assistance%20in%20Tax%20Matters&utm_campaign=Tax%20News%20Alert%2022-08-2016&utm_term=demo) (“the Convention”). By doing so, Liechtenstein underlines its commitment to fighting tax evasion and avoidance and takes another important step in implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD … Read More

Kuwait Signs CRS MCAA

August 19, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Kuwait has re-confirmed its commitment to implement automatic exchange of financial account information in time to commence exchanges in 2018. It did this today by joining the [83 current signatories](http://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/MCAA-Signatories.pdf?utm_source=Adestra&utm_medium=email&utm_content=83%20current%20signatories&utm_campaign=Tax%20News%20Alert%2019-08-2016&utm_term=demo) to the [CRS Multilateral Competent Authority Agreement](http://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/?utm_source=Adestra&utm_medium=email&utm_content=CRS%20Multilateral%20Competent%20Authority%20Agreement&utm_campaign=Tax%20News%20Alert%2019-08-2016&utm_term=demo), the key international framework agreement for putting in place the automatic exchange of information on offshore financial accounts … Read More

Bahamas Targets End of September for AEOI/CRS Legislation Review

August 18, 2016By @BahamasFSBBFSB News, Industry News, International Issues, Newsletter, Tax Co-operation

The Bahamas expects to have draft enabling legislation and supporting regulations and guidance notes submitted to the Government by the end of September for vetting, review and finalization to ensure it meets its commitment to implement the global standard for Automatic Exchange of Information referred to as the Common Reporting Standard (CRS) by 2018. The … Read More