Bahamas Releases CRS Guidance Notes
by Mike Godfrey, Lowtax.net, Washington
04 January, 2018
The Bahamas Ministry of Finance has published guidance notes on the Common Reporting Standard (CRS), the OECD's new international standard for the automatic exchange of financial account information in tax matters.
Under the CRS, jurisdictions must obtain specified financial account information from their financial institutions and automatically exchange that information with partner jurisdictions on an annual basis.
The Ministry says exchange of information by the Bahamas will be on a "non-reciprocal" basis. As a result, the Bahamas will exchange information with partner jurisdictions but will not receive information from such jurisdictions.
The Ministry says it has limited its guidance to aspects of the CRS that are of relevance to the Bahamas, noting that the OECD has developed its own extensive and comprehensive materials for the consistent application and interpretation of the CRS by all jurisdictions.
The Ministry emphasizes that the guidance notes are not intended to replicate information provided in OECD documents, which form the core of the CRS and its interpretation.
The guidance notes can be found on the Ministry of Finance website.
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