Legislation allowing the Bahamas to automatically exchange tax-related information with other territories has become effective.
The Automatic Exchange of Financial Account Information Act 2016 came into force on January 1, 2017. It provides for the adoption of the Common Reporting Standard, the new international tax transparency standard from the Organization for Economic Co-operation and Development.
The Standard 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.
The legislation allows the Bahamas to enter into agreements with other countries for the automatic exchange of financial account information in tax matters.
By Courtesy of Lowtax.net