Bahamas will sign the Convention on Mutual Administrative Assistance in Tax Matters
On Friday 15 December, 2017 The Bahamas will sign the Convention on Mutual Administrative Assistance in Tax Matters (“MAC”) in Paris, France.
RFP – Tax Information Reporting System deadline extended to August 1, 2017. Response to questions.
Click here to view / download the document RFP – Tax Information Reporting System
List of Jurisdictions Interested In Exchanging Automatic Information with The Bahamas as at 30 JUNE 2017
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…
RFP – Project Management – Tax Information Reporting System
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,…
RFP- Tax Information Reporting System
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…
Bahamas Approach to Common Reporting Standard and Key Dates
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…
Registration of Reporting Financial Institutions under the Automatic Exchange of Financial Account Information Act, 2016
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 Bahamas signs Competent Authority Arrangement with the United States in Accordance with the Intergovernmental Agreement, IGA, to implement the Foreign Account Tax Compliance Act (FATCA)
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…
The Automatic Exchange of Financial Account Information Act, 2016 comes into force on the 1st day of January, 2017
“An Act To Provide For The Implementation Of The Common Standard On Reporting And Due Diligence For Financial Account Information In Tax Matters And For Connected Purposes No. 37 of 2016 – Date of Assent – 29th December, 2019 has been published in the Official Gazette, The Bahamas on the…
FATCA Appointed Day Notice
THE BAHAMAS AND THE UNITED STATES OF AMERICA FOREIGN ACCOUNT TAX COMPLIANCE AGREEMENT ACT, 2015 (No. 36 of 2015) THE BAHAMAS AND THE UNITED STATES OF AMERICA FOREIGN ACCOUNT TAX COMPLIANCE AGREEMENT ACT, 2015 (APPOINTED DAY) NOTICE, 2015 In exercise of the powers conferred by section 1 (2) of The…