Tax Information Exchange Agreement Bahamas

Please contact info@bfsb-bahamas.com if you have any questions. In March 2009, the Prime Minister and Finance Minister of La Bahame, Hubert Ingraham, confirmed in a statement to the Baham Parliament the Bahamas` commitment to OECD standards for transparency and information exchange. The governments of Australia and the Bahamas have signed an agreement on the exchange of tax information. The agreement provides for the exchange of information on request, both in criminal and civil matters. The exchange of information on request was completed by an automatic procedure on 29 October 2014. [2] The automatic process must be based on a common reporting standard. Tax Information Exchange Agreements (TIEA) provide for the exchange of information on request in the context of a specific criminal or civil tax investigation or civil tax matter under investigation. [1] A TIEA model has been developed by the OECD Global Forum Working Group on Effective Information Exchange. We are pleased to provide below, in the form of an information guide, a series of documents on the Bahamas and its position on international tax cooperation, as well as developments in a number of legal systems since January 2009. See below for: Jurisdictions can also use the text of the standard protocol articles if they wish to include the automatic and spontaneous exchange of information in a new TIEA. In this regard, legal systems may be based on a bilateral agreement between the competent authority for the implementation of the automatic exchange of information in accordance with the common standard of notification or automatic exchange of reports by country on a TIEA, particularly in cases where it is not (yet) possible to automatically exchange information through the relevant authority within the framework of a relevant multilateral agreement. The agreement was born out of the OECD`s work on combating harmful tax practices. The lack of effective exchange of information is one of the main criteria for determining harmful tax practices.

The agreement is the standard for the effective exchange of information within the meaning of the OECD`s initiative on harmful tax practices. In June 2015, the OECD`s Tax Affairs Committee (CFA) approved a standard protocol on the agreement. The standard protocol can be used by jurisdictions if they wish to extend the scope of their existing TIEAs to the automatic and/or spontaneous exchange of information. An agreement on the exchange of tax information between Ireland and the Bahamas has come into force, as announced by the Irish Revenue on 7 February. The agreement signed on 12 January 2015 allows the exchange of information . . . This agreement, published in April 2002, is not a binding instrument, but includes two models of bilateral agreements. Many bilateral agreements are based on this agreement (see below). The aim of this agreement is to promote international cooperation in tax matters through the exchange of information. It was developed by the OECD Global Forum Working Group on Effective Information Exchange.

Posted on: April 13, 2021, by : greyson