Tax Administrators Meet in Beijing

May 13, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The OECD Forum on Tax Administration (FTA) today concluded its Tenth Meeting in Beijing, the People’s Republic of China. The OECD says delivering on the OECD/G20 international tax agenda, through implementation of the Base Erosion and Profit Shifting (BEPS) Project and the Common Reporting Standard (CRS) for the automatic exchange of financial account information, took … Read More

Country-by-Country Reporting – OECD Update

May 12, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The OECD advises that Canada, Iceland, India, Israel, New Zealand and the People’s Republic of China today signed the Multilateral Competent Authority agreement for the automatic exchange of Country-by-Country reports (“CbC MCAA”). That brings the total number of CbC MCAA signatories to 39 countries – all part of continuing efforts to boost transparency by multinational … Read More

Financial Services Ministry Speaks Out on ICIJ Release of Database

May 12, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The International Consortium of Investigative Journalists (ICIJ) on Monday published the names of structures formed in international financial centres, arising from its so-called “[Panama Papers](https://panamapapers.icij.org/)” initiative. The ICIJ in fact issued a disclaimer stating *“There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies … Read More

5 New Countries Commit to International Standard on Tackling Tax Evasion and Avoidance

May 11, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Bahrain, Lebanon, Nauru, Panama and Vanuatu have now committed to share financial account information automatically with other countries. *“We are now seeing an unstoppable movement toward information sharing, on the basis of a single common standard developed by the OECD and endorsed by the international community,”* OECD Secretary-General Angel Gurría said. See more [here](http://www.oecd.org/tax/transparency/bahrain-lebanon-nauru-panama-and-vanuatu-have-now-committed-to-the-international-standard-of-automatic-exchange-of-financialaccount-information-to-tackle-tax-evasion-and-avoidance.htm).

US Treasury Calls on Congress to Help Increase Financial Transparency

May 5, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The U.S. Department of the Treasury today [announced](http://www.treasury.gov/press-center/press-releases/Pages/jl0451.aspx) several actions to strengthen financial transparency and combat the misuse of companies to engage in illicit activities. *”The Treasury Department has long focused on countering money laundering and corruption, cracking down on tax evasion, and hindering those looking to circumvent our sanctions. Building on years of important … Read More

Sharing BEPS Country-By-Country Reports

April 20, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Bermuda has become the 33rd signatory of the [Multilateral Competent Authority Agreement](http://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/) for the automatic exchange of Country-by-Country reports (CbC MCAA), which is based on Article 6 of the [Multilateral Convention on Mutual Administrative Assistance in Tax Matters](http://www.oecd.org/tax/exchange-of-tax-information/conventiononmutualadministrativeassistanceintaxmatters.htm) and puts in place the automatic exchange framework for exchanging Country-by-Country Reports, as contemplated by [BEPS Action … Read More

The Platform for Collaboration on Tax

April 19, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN) and the World Bank Group (WBG) have announced a joint effort to intensify their co-operation on tax issues: The Platform for Collaboration on Tax. Click here for the [Concept Note](http://www.oecd.org/tax/concept-note-platform-for-collaboration-on-tax.pdf) developed by the organisations. The Platform will formalise … Read More

Promoting a Sustainable and Balanced Global Recovery – and Tax Transparency

April 17, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

U.S. Treasury Secretary Jacob J. Lew presented [remarks](https://www.treasury.gov/press-center/press-releases/Pages/jl0427.aspx) at the [IMF-World Bank Spring Meetings](https://www.imf.org/external/spring/2016/) on Friday. He noted that at both the [G-20 Meeting of Finance Ministers and Central Bank Governors](http://wjb.mof.gov.cn/pindaoliebiao/gongzuodongtai/201604/t20160416_1952794.html) and the Spring Meetings interest had centered around the drivers of global growth, with the United States promoting the need for decisive policies to … Read More

G20 Financial Officials on Tax Information Sharing and Financial Transparency

April 15, 2016By @BahamasFSBInternational Issues, Tax Co-operation

G20 Finance Ministers and Central Bank Governors met yesterday and today in Washington DC during the IMF and World Bank Spring Meetings. It seems that recent news headlines relating to widespread use of off-shore tax havens by so-called global elites to shield their wealth, prompted the G20 officials to strengthen their pledge to implement measures … Read More