(BSFB News)--The European Union Code of Conduct Group has officially recommended the Bahamas’ removal from the list of non-cooperative jurisdictions for tax purposes. The Bahamian government received confirmation of this in writing on April 17, 2018 from the Secretariat of the Code of Conduct Group.
At its meeting on April 12, 2018, Member States’ delegations agreed to recommend the decision to the European Union Economic and Financial Affairs Council (ECOFIN), which is responsible for making the decision official. Based on communications from the Secretariat, it is expected that the ECOFIN Council will take up the recommendation without discussion by their next meeting on May 25, 2018. This outcome is the culmination of on-going discussions between the Code of Conduct Group and the Ministry of Finance.
The Bahamas stipulates that it will continue to uphold international regulatory standards and best practices on matters that affect its economic development and financial well-being, and safeguard the jurisdiction’s reputation and competitiveness as a premier international financial center. “We will continue to engage in collaborative and proactive dialogue with the Code of Conduct Group and Member States, and look forward to the harmonization of our mutual interests,” reports the Ministry of Finance.