Fifty (50) countries and jurisdictions are being evaluated by the Global Forum on Transparency and Exchange of Information for Tax Purposes.
Of the ten (10) standards evaluated in this ranking, The Bahamas was deemed fully compliant in eight (8), and largely compliant in two (2), rendering it “Largely Compliant” overall in the latest ratings, announced at the 6th Meeting of the Global Forum held in Jakarta, Indonesia on November 21-22, 2013.
As part of the ratings obtained by each jurisdiction, the Global Forum carried out Reviews in two (2) phases: Phase 1 evaluates the adequacy of legal and regulatory framework for exchange of information in tax matters, and subsequently, Phase 2 evaluates the application of this framework. These Reviews are performed as part of the Global Forum’s cooperation with the international community’s efforts to establish a global tax information exchange network. So far, one hundred twenty-four (124) Reviews have been completed, of which fifty (50) are Phase 2 Reviews.
The Bahamas underwent its Phase 2 Review earlier this year, and its Report was released in July, with extremely positive findings on behalf of the Global Forum.