August 3, 2012
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A former Attorney General yesterday questioned whether Customs duty/Excise tax rates would be reduced simultaneously with the implementation of a Value-Added Tax (VAT), and warned that the latter’s proposed 15 per cent rate “might be a bit high”.
A former Attorney General yesterday warned Bahamas-based financial institutions to familiarise themselves with this nation’s multiple disclosure regimes, warning that failure to do so could expose them to legal action by either the authorities or their clients.
A former Attorney General yesterday said meeting the US Foreign Account Tax Compliance Act’s (FATCA) requirements via an Intergovernmental Agreement (IGA) may not be in the Bahamas’ best interests, due to the “substantial infrastructure investment” needed for tax information exchange.