Category: News

Bahamas move to address Preferential Tax regimes sparks debate as Cayman to face mounting pressure on beneficial ownership registry.

The Government of the Bahamas has unveiled the Multinational Entities Financial Reporting Bill 2018 to address the EUs tax concerns and facilitate removal from the EUs Blacklist. The bill provides a structure in which the government may introduce taxation of a wide range of financial services products. In doing so the bill amends/ repeals many other financial services laws related to corporate taxation of International Business Companies (IBCs), Executive Entities, Exempted Limited Partnerships and Investment Condominiums. “The Multinational Entities Financial…

CDB program to facilitate stronger Intra-Regional Trade

The CDB has approved US$750,000 in funding for a programme to strengthen intra-regional trade in CARICOM. Five countries (Antigua and Barbuda, Grenada, Guyana, Saint Lucia and Suriname) will benefit from intervention by the CARICOM Regional Organization for Standards and Quality (CROSQ). The program will help manufacturers and exporters overcome barriers to trade by offering assistance in bringing products up to international standards. Specifically this will include: Development of national policies to protect consumers, promote human and environmental safety; Technical assistance…

CARIFORUM discusses successor to the Cotonou Trade Agreement between the EU and ACP countries

The CARIFORUM Council of Ministers has stated that the successor to the Cotonou trade agreement between the African Caribbean and Pacific (ACP) countries and the European Union (EU) must: Take into account the inherent and exogenous vulnerabilities of CARIFORUM states; Secure development financing for CARIFORUM states; and Take into account the development priorities of the ACP and aim for sustainable, inclusive and resilient growth in these regions. The Cotonou Agreement is the overarching framework for relations between the EU and…

ECCB issues RFP to operate a credit bureau in the ECCU

The Eastern Caribbean Central Bank (ECCB) calls for proposals to establish and operate a credit bureau for the Eastern Caribbean Currency Union (ECCU). A summary of the timetable is as follows: Clarification of questions submitted- 15 April, 2018 Last Date to respond to RFP- 31 May, 2018 Presentation by shortlisted applicants- 30 June, 2018 Site Visit and selection of applicant- 30 September, 2018 Completion of evaluation and granting of licence- 31, December, 2018 The development process will begin as soon…

CIBC to wind down operations in the Caribbean market

Canadian Imperial Bank of Commerce (CIBC) is pulling out of the region and will be selling its shares in regional operations on the New York Stock Exchange (NYSE). Director of corporate communications at First Caribbean International Bank (FCIB), Debra King, while confirming the move said that while CIBC is a respected name in the market, it is not critical to the brand presence of FCIB. The Bank has confirmed that it has filed a registration statement with the US Securities…

IMF Concluding Statement of the Jamaica Article IV 2018 mission.

Some of the main preliminary findings are: Employment is at historic highs, inflation and the current account deficit are modest, international reserves are at a comfortable level and borrowing costs are at historical lows; Economic growth averages only 0.9% since the reform started in 2013. The main obstacles to growth are crime, bureaucracy, insufficient labor skills, poor access to finance and vulnerability to natural disasters. Reducing the government wage bill is critical to fund the necessary infrastructural investments and to…

ECCB Advises Maximum period for Clearance of Cheques

The Eastern Caribbean Central Bank has advised that the maximum holding period for any cheques drawn on and deposited at commercial banks within the ECCU should not exceed two (2) days after the initial transaction. All commercial banks within the ECCU have given their commitment to satisfy this standard. Read more HERE…

Changes to the EU Tax Blacklist for Caribbean Territories

On 13th March, 2018 the EU removed Bahrain, Marshall Islands and St. Lucia from the list of non-cooperative tax jurisdictions as these jurisdictions have taken high level political commitments to address the EU’s concerns. The Bahamas, St. Kitts and Nevis and the U.S. Virgin Islands have correspondingly been placed on the blacklist, joining Trinidad and Tobago. The EU Council has advised that the screening of these countries’ tax systems was postponed due to the impact of the 2017 hurricane season.…