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 Reporting Bill eliminates all preferential tax regimes for foreign, non-resident entities, and introduces a country-by-country financial reporting regime for Bahamas-domiciled entities that are part of multinational corporate empires earning more than $850 million in consolidated group revenue during their prior financial years.”
Meanwhile in the Cayman Islands, pressure is mounting on the government to make its beneficial ownership registry public in the face of British sanctions on Russian oligarchs.