GUIDANCE NOTES ON THE COMMON REPORTING STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION IN TAX MATTERS Date of Issue: December 29th, 2017 These Guidance Notes are issued under The Bahamas Automatic Exchange of Financial Account Information Act 2016. This document will continually be under review with updates being issued…

On Wednesday the 13 December, 2017, The Bahamas signed the Multilateral Competent Authority Agreement (“MCAA”) in San Marino. A list of Reportable Jurisdictions will be provided at a later date.

On Friday 15 December, 2017 The Bahamas will sign the Convention on Mutual Administrative Assistance in Tax Matters (“MAC”) in Paris, France.

Click here to view / download the document RFP – Tax Information Reporting System

The Bahamas intends to sign the Multilateral Competent Authority Agreement. With respect to the Multilateral Competent Authority Agreement, there is a notification process before the MCAA and automatic exchange of financial information can take effect between the two Competent Authorities and the timing of when exchanges will commence. Notice will…

The Ministry of Finance wishes to implement a comprehensive integrated application to manage both the United States of America’s Foreign Account Tax Compliance Act (FATCA) and the Organisation for Economic Co-operation and Development’s (OECD) Common Reporting Standard for Automatic Exchange of Information (CRS- AEoI). In order to achieve FATCA compliance,…

The Ministry of Finance wishes to implement a comprehensive integrated application to manage both the United States of America’s Foreign Account Tax Compliance Act (FATCA) and the Organisation for Economic Co-operation and Development’s (OECD) Common Reporting Standard for Automatic Exchange of Information (CRS – AEol). In order to achieve FATCA…

Pursuant to the commitment of The Bahamas to effectively implement the Common Reporting Standard (“CRS”)/Automatic Exchange of Information, The Competent Authority wishes to advise all financial institutions (FIs) as follows: 1. The Government of the Bahamas has taken a policy decision to implement CRS by way of the Multilateral Convention…

Pursuant to Section 4(2)(a) and (b) of the Automatic Exchange of Financial Account Information Act, 2016, Reporting Financial Institutions are required to register with the Competent Authority within 90 days of the commencement of the Act, i.e. by April 1st, 2017. Please be advised that the Common Reporting Standard/Automatic Exchange…

The Ministry of Finance and the Ministry of Financial Services is pleased to announce the signing of a Competent Authority Arrangement between the United States and the Bahamas.  The Competent Authority Arrangement was signed in accordance with the Intergovernmental Agreement, IGA, signed in November 2014 entitled, “Agreement between the Government…