Multinational Entities Financial Reporting Act 2018

Posted on: May 15, 2019

Pursuant to Sections 4(1) and 4(2) of the Multinational Entities Financial Reporting Act, 2018, constituent entities resident in The Bahamas whose reporting fiscal year began during 2018 are required to provide certain notification to the Competent Authority by 31 May, 2019. Please be advised that the country-by-country Exchange of Information portal will be available for registration at a date to be announced by the Competent Authority and until such time, there will be no penalty for failure to provide notification.



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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…

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 29th December, 2016,  Supplement Part…

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…