Bahamas FM Comments On Financial Services
by Mike Godfrey, Lowtax.net, Washington
26 February, 2014
The Bahamas aims to actively engage with changes in the international financial services landscape brought about by the Global Forum on Transparency and Exchange of Information for Tax Purposes and other international bodies, Minister of Financial Services Ryan Pinder said.
Speaking during his presentation on the 2013-14 Mid-Year Budget Communication in the House of Assembly, Pinder said the Bahamas can no longer ignore efforts by the Global Forum, the Organization for Economic Cooperation and Development (OECD), G-8, G-20, the European Union and the United Nations to "crush 'tax havens' and countries that prioritize financial services as a mechanism for development."
"We must respond in a systematic and principled approach to address the misperceptions of The Bahamas and its financial services industry," he added.
He pointed out that the Ministry of Financial Services has made progress with the United States Treasury and the Internal Revenue Service on the Foreign Account Tax Compliance Act (FATCA). He said that the success of the Bahamas in negotiating specific exemptions under FATCA for trusts won esteem around the world.
The minister went on to say that work on FATCA will continue and funding has been allocated in the budget for continued industry education and training on FATCA matters. "Over the next few months, my ministry together with other government stakeholders will continue to review the proposals of companies who have sought to build The Bahamas a FATCA reporting system."
"My ministry's goal in its dealings with all of the international initiatives is to have The Bahamas' products and services offered internationally without unnecessary impediments," Pinder said.
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