Thursday, July 25, 2019

OECD concludes that The Bahamas legal framework is ‘not harmful’

The Bahamas passed the latest assessment by the Organisation for Economic Co-operation and Development (OECD), confirming that the jurisdiction is a safe place for financial services and corporate investment activities. The OECD concluded that the domestic legal framework is in line with international standards and therefore “not harmful”, which is a nod to the slate of legislative and regulatory reforms undertaken by the Government since the New Year.

On July 19th2019, the Global Forum on Harmful Tax Practices and Exchange of Information, through the Inclusive Framework on BEPS, approved the latest results of Peer Review of The Bahamas’domestic laws on economic substance, which was conducted by the OECD Forum on Harmful Tax Practices (“FHTP”) at its meeting in June 2019 in Paris.  Read more >>