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| Bahamas Achieves White-Listing |
by Phillip Morton, Investors Offshore.com
Friday, March 12, 2010
The Bahamas has achieved a place on the Organization for Economic Cooperation and Development (OECD's) ‘white list’ following
the signing of Tax Information Exchange Agreements (TIEAs) with the seven Nordic economies of
Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden, on
March 10.
The Bahamas had previously signed eleven such agreements – including
agreements with important regional and economic partners Mexico, the United
States and the United Kingdom.
The agreements with the Nordic Council brings the Bahamas' tally of agreements that
adhere to the internationally agreed standard on transparency and tax information
exchange to 18. For the purposes of the OECD progress report on the implementation
of the standard, jurisdictions having signed at least 12 such agreements are
considered to have substantially implemented that standard. Accordingly, the
Bahamas now moves onto the 'white list',
becoming the 22nd jurisdiction to do so since the progress report was first
issued in April 2009.
The Bahamas is a member of the Global Forum on Transparency and Exchange of
Information for Tax Purposes and an active member of the Global Forum’s
Peer Review Group, and it is participating in a peer review of its laws and
practices in this area.
Welcoming the territory’s white-listing, Jeffrey Owens, Director of the
OECD’s Centre for Tax Policy and Administration, said: “Given the
role that the Bahamas plays in the financial world, I am particularly pleased
that they have made significant progress and they continue to expand their network
of partners with whom they can exchange tax information.”
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