Bahamas Committed To Automatic Information Exchange
by Mike Godfrey, Lowtax.net, Washington
08 September, 2016
The Bahamas is on track to automatically exchange tax information with other territories under the OECD's new Common Reporting Standard from 2018.
The Common Reporting Standard, developed in response to a G20 request and approved by the OECD Council on July 15, 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged; the types of financial institutions, accounts, and taxpayers covered; and the due diligence procedures that must be followed by financial institutions.
Strachan said the territory will agree to exchange tax information on a bilateral basis, with those territories that have entered into an agreement to do so and providing they have the necessary safeguards in place. The Bahamas will not do so on a multilateral basis under the OECD Multilateral Convention.
Strachan said: "As the project lead for the implementation of the Common Reporting Standard in the Bahamas, I am pleased with the current progress of the implementation plan. Through the co-ordination of my Ministry, with the Office of the Attorney General, the Ministry of Finance, the Bahamas Financial Services Board, and other industry stakeholders, I am confident that we will meet the 2018 implementation deadline."
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