The Bahamas expands its network for international exchange of tax information

10/03/2010 – The Bahamas has today signed agreements allowing for exchange of tax information with the seven Nordic economies (Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden). The Bahamas had previously signed 11 such agreements – including agreements with important regional and economic partners Mexico, the United States and the United Kingdom.
 
Today’s signing brings their total to 18 agreements that meet the internationally agreed tax standard.  For the purposes of the progress report on the implementation of the standards, jurisdictions having signed at least 12 agreements that meet the internationally agreed tax standard are considered to have substantially implemented that standard.  Accordingly, the Bahamas now moves into the substantially implemented category, 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.
 
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.”
 
For more information, please visit www.oecd.org/tax/transparency / www.oecd.org/tax and www.oecd.org/tax/evasion