Bahamas FATCA Online Reporting Portal Open
by Mike Godfrey, Lowtax.net, Washington
27 July, 2016
Financial institutions in Bahamas required to report under the US Foreign Account Tax Compliance Act (FATCA) may now register and submit reports until August 26, 2016.
Applicants must register to use the territory's tax information exchange portal. It is not possible to use registration details from last year as these records have been purged to ensure security.
The portal enables financial institutions to submit the information required to be reported under the US FATCA through the Bahamas' central authority, the Central Bank of the Bahamas, which will remit that information to the US Internal Revenue Service.
Financial institutions that do not comply with FATCA reporting requirements will be deemed "non-Participating Foreign Financial Institutions" and face a 30 percent withholding tax on all US-source payments.
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