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 compliance, the Commonwealth of The…

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, the Commonwealth of The 8ahamas…

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 on the Mutual Administrative Assistance…

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 of Information portal will be…

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 of the Commonwealth of 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 Bahamas and the United States…