Bahamas To Pass Law For Automatic Tax Info Exchange
by Lorys Charalambous, Lowtax.net, Cyprus
01 December, 2016
Bahamas expects to have legislation in place by the end of this year to automatically exchange information in tax matters, representatives from the Government and the Office of the Attorney General have said.
The Automatic Exchange of Financial Account Information Bill will be tabled for adoption by the territory's Parliament when it meets next on December 7, 2016. This would implement into domestic legislation the new international tax transparency standard developed by the OECD, the Common Reporting Standard (CRS).
The CRS requires all participating countries and jurisdictions to obtain information from their financial institutions and to exchange that information automatically with other jurisdictions on an annual basis.
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