Bahamas To Legislate For Automatic Tax Info Exchange

The Bahamas intends to have drafted a law and guidance by the end of September for the automatic information exchange under the OECD's new Common Reporting Standard.

The Bahamas Government intends to start automatically exchange financial account information with other territories starting from 2018.

The draft law will ensure the confidentiality and protection of exchanged financial data, in line with international standards.

The Bahamas intends to agree with territories to automatically exchange information on a bilateral basis, rather than through multilateral instruments, and specifically the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.