Bahamas, April 28, 2017 – Nassau – The Bahamas faces being blacklisted says the OECD if it does not sign a treaty to allow tax information exchange on a multi lateral basis. The warning came during a Global OECD Conference where delegates and Bahamas financial services executives were present at the Melia Resort for a presentation by Monica Bhatia, who leads the secretariat for the OECD’s Global Forum on transparency.
The advice to The Bahamas was to take quick action to right this wrong. Bahtia pointed out that, “There are now 109 countries and jurisdictions that are participating in the multilateral convention, the most recent one being the United Arab Emirates. The Bahamas is now the only country which has not signed the multilateral convention. That obviously brings all the attention of its peers on to the Bahamas.”
While arguments are there could be a blow to the competitive edge of The Bahamas in the sector, others say no because everyone has to do it and the playing field is leveled. However what is a certainty, is that instituting multi-lateral tax information exchange laws will increase costs to the industry and government.
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