May 9, 2012
Stories this photo appears in:
The Bahamas will likely come under immediate pressure to convert its existing 27 Tax Information Exchange Agreements (TIEAs) into the ‘automatic sharing’ variety, after the G-20 last week “eliminated all doubt” that is now its goal.
A leading QC has urged the Government to attach a team of law writers to the Ministry of Financial Services, arguing that this would help the Bahamas reform “a whole basket of laws” before the deadline to comply with the US Foreign Account Tax Compliance Act (FATCA) hits.
The Bahamas must “disabuse itself” of the mindset that it can meet all the financial services industry’s labour needs internally, a top QC suggesting that “hundreds, if not thousands” of jobs would be created if the sector’s GDP contribution increased just 3-4 per cent.
The Bahamas’ International Arbitration Centre ambitions have “no real prospect of being successful” unless this nation adopts a “smart” Immigration policy that allows parties to bring in their own, foreign attorneys, a leading QC warned yesterday.
The Bahamas could have a functioning commercial court within a year of the Cabinet deciding to establish it, a senior QC told Tribune Business yesterday, adding that such an investment “would more than pay for itself in a very short time period”.
The proposed Family Court provides a “model” for the development of a dedicated Commercial Court, a leading QC said yesterday, describing such a move as critical to “the rebranding of the Bahamas as an international business centre”.
The Bahamian court system is “still not comparable” to one required to serve the international business centre this nation aspires to be, a senior QC has told Tribune Business.
A leading QC has urged the Government not to sign any agreement relating to the US Foreign Account Tax Compliance Act (FATCA) that involves automatic information exchange, warning that doing so would “severely compromise” the Bahamian financial services industry.
The Bahamian financial services industry must water the fertile ground created by the Bahamas Financial Services
McKinney, Bancroft & Hughes yesterday confirmed it had become the latest Bahamian law firm to establish a Lyford Cay satellite
THE continued G-20/OECD push towards the automatic exchange of tax information poses "a serious threat" to the Bahamian financial services industry, a senior attorney urging this nation to "get ahead of the curve" in responding to their demands
A 0.1 per cent increase in the Bahamas' share of global international financial centre (IFC) bank deposits represents "a mixed bag" for this nation, a leading attorney yesterday telling Tribune Business the incoming Christie administration faced a delicate "balancing act" to secure the industry's future.