NASSAU, Bahamas — With the time quickly approaching for The Bahamas and countries around the world to implement a global minimum tax, Minister of Economic Affairs Michael Halkitis said whatever policy The Bahamas implements will insure the interests of investors and clients in the jurisdiction are well protected, The Nassau Guardian reported on Monday, July 4.
The Bahamas was one of 136 Organisation for Economic Co-operation and Development (OECD) member jurisdictions that agreed last year to the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting to reform the global taxation system, which calls for the implementation of a minimum tax at 15 percent by 2023.
Halkitis was speaking last week at a Bahamas Spotlight event in London, hosted by the Bahamas Financial Services Board (BFSB) in collaboration with hedge fund news website Hedgeweek.
“We have responded to and adopted EU (European Union) standards related to economic substance, ensuring that entities in The Bahamas are managed and conducting adequate business in The Bahamas and removing all preferential exemptions for local entities conducting commercial activity outside the country. We embrace change as an opportunity for growth,” he said.
“Greater transparency measures for mandatory disclosures and the arrival of global minimum corporate taxes are issues that we are prepared to address in the near future. You can be sure that our response to these looming issues will be swift and maintain clearly articulated, balanced policy positions. Our number one priority, as always, is to protect the interests of our investors, clients, and other key stakeholder groups.”
Halkitis said earlier this year that a study on the implications of implementing a minimum global corporate tax would be complete by the end of the fiscal year.
The purpose of the event was to showcase the financial services sector in The Bahamas and comes following the completion of a recent study exploring the ways The Bahamas and the United Kingdom can increase trade in goods and services between the two nations.
In particular, The Bahamas is seeking to capitalize on the innovative digital assets legislation and framework established in recent years to attract to business to the financial services sector. See complete Nassau Guardian article at https://thenassauguardian.com/halkitis-on-global-minimum-tax-we-embrace-change-as-an-opportunity-for-growth/
