Global Forum Publishes New Peer Review Reports

July 26, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

***International community continues movement towards greater tax transparency*** The [Global Forum on Transparency and Exchange of Information for Tax Purposes](http://www.oecd.org/tax/transparency/) has released ten new Peer Review Reports. A release from the OECD says the reports allocated ratings for compliance with the individual elements of the international standard, as well as an overall rating for each … Read More

Platform for Collaboration on Tax Reports to G20

July 25, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation, The Economy

***Enhancing the Effectiveness of External Support in Building Tax Capacity in Developing Countries*** The third G20 Finance Ministers and Central Bank Governors Meeting was held in Chengdu, southwest China’s Sichuan Province, on July 23-24. This was the last minister-level meeting before the G20 Summit, which will be held in Hangzhou, Zhejiang province in early September. … Read More

New Inclusive Framework to Tackle Base Erosion and Profit Shifting

June 30, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Representatives of more than 80 countries and jurisdictions have gathered in Kyoto, Japan (June 30 – July 1) to push forward ongoing efforts to update international tax rules for the 21st century, the latest step in the OECD/G20 Project to tackle [Base Erosion and Profit Shifting ](http://www.oecd.org/tax/beps/)(BEPS). This inaugurates the new inclusive framework on BEPS … Read More

OECD Releases Guidance on the Implementation of Country-by-Country Reporting

June 29, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The OECD today released its [Guidance on the Implementation of Country-by-Country (CbC) Reporting](http://www.oecd.org/tax/exchange-of-tax-information/guidance-on-the-implementation-of-country-by-country-reporting-beps-action-13.pdf) (BEPS Action 13). Under CbC reporting, multinational enterprises (MNEs) will be required to provide aggregate information annually, in each jurisdiction where they do business, relating to the global allocation of income and taxes paid, together with other indicators of the location of … Read More

The Dominican Republic and Nauru Sign Multilateral Convention

June 28, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The Dominican Republic and Nauru have signed the [Multilateral Convention on Mutual Administrative Assistance in Tax Matters](http://www.oecd.org/tax/exchange-of-tax-information/conventiononmutualadministrativeassistanceintaxmatters.htm?utm_source=Adestra&utm_medium=email&utm_content=Multilateral%20Convention%20on%20Mutual%20Administrative%20Assistance%20in%20Tax%20Matters&utm_campaign=Tax%20News%20Alert%2029-06-2016&utm_term=demo), becoming the 97th and 98th jurisdictions to join the Convention. Nauru also became the 83rd signatory of the Multilateral Competent Authority Agreement which operationalises the Automatic Exchange of Financial Account Information, which Nauru has committed to implement with … Read More

European Commission – New Rules to Tackle Tax Avoidance

June 21, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The Commission welcomed today’s agreement by Member States on their general approach for far-reaching new rules to eliminate the most common corporate tax avoidance practices. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: *”Today’s agreement strikes a serious blow against those engaged in corporate tax avoidance. For too long, some companies … Read More

Brazil, Jamaica and Uruguay Expand Capacity to Fight International Tax Avoidance and Evasion

June 1, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Jamaica and Uruguay today signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and Brazil deposited its instrument of ratification of the Convention on the occasion of the launch of the OECD’s Latin American and Caribbean Regional Programme and the OECD Ministerial Council Meeting. Jamaica and Uruguay became the 95th and 96th jurisdictions … Read More

Multilateral Instrument to Implement Tax-Treaty Related BEPS Measures

May 31, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Public comments are invited on technical issues identified in a [request for input ](http://www.oecd.org/tax/treaties/BEPS-Discussion-draft-Multilateral-Instrument.pdf?utm_source=Adestra&utm_medium=email&utm_content=request%20for%20input&utm_campaign=Tax%20News%20Alert%2001-06-2016&utm_term=demo)related to the development of a multilateral instrument to implement the tax-treaty related BEPS measures. The report on Action 15 of the BEPS Action Plan (Developing a Multilateral Instrument to Modify Bilateral Tax Treaties) concludes that a multilateral instrument to modify bilateral … Read More

Automatic Exchange of Information

May 30, 2016By @BahamasFSBBFSB News, Industry News, International Issues, Tax Co-operation

BFSB has released an updated document relating to The Bahamas’ Commitment to Automatic Exchange of Information (AEOI). It notes that there is ongoing public-private sector dialogue with respect to timely implementation of AEOI to meet prescribed deadlines. The update highlights: * Standard for Automatic Exchange * The Bahamas Commitment * Frequently Asked Questions See PDF … Read More

Conclusions: EU Anti-Tax Avoidance Proposals

May 25, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The EU Council has adopted [conclusions](http://www.consilium.europa.eu/en/press/press-releases/2016/05/25-conclusions-tax-treaty-abuse/?utm_source=DSMS&utm_medium=email&utm_campaign=Tax+abuse+treaty&utm_term=952.5049.5361.0.5049&utm_content=all+customers) on the third country aspects of the Commission’s anti-tax-avoidance proposals – confirming the importance of continuing and intensifying action to tackle tax fraud, tax evasion and aggressive tax planning at national, EU and global levels. The conclusions relate to two elements of the package: * a communication on an … Read More