By Antoine Bastian
Over the past three years, international financial centres, like the Bahamas amended their investment fund rules and introduced commercial substance rules as a greater part of global fair play and global transparency in response to international initiatives.
Europe's persistence to eradicate harmful taxes practices and prevent base erosion taking place in some EU countries' international financial centres created an opportunity to provide clear and deliberate regulations to mitigate against global harmful taxes practices and base erosion.
As a part of the continued commitment to a global tax transparency, the Bahamas revised and updated, the Investment Fund Act, 2019 (the IFA) and the Investment Fund Regulation, 2020 (the IFR) and further introduced the Commercial Entities (Substance Requirements) Act, 2018 (CESRA). Read more >>