Bahamas told to amend US tax deal

| 21/04/2011

(Tax News): A report by the Organization for Economic Co-operation and Development (OECD) has recommended that the Bahamas amend its tax information exchange treaty with the US to ensure greater power to access requested information. The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published Phase One of its Peer Review Report on the Bahamas on April 14. The Forum is charged with in-depth monitoring and peer review of the implementation of the standards of transparency and exchange of information for tax purposes. The Bahamas has 24 TIEAs and the US was the first to come into force, in 2004 and does not comply.

The report states that, by the TIEA’s existing stipulations, the Bahamas lacks the power to obtain and provide information held outside the Bahamas, even in a case where the information is held by a person within its territorial jurisdiction.

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