UK- Bahamas Tax agreement
A new Tax Information Exchange Agreement (TIEA) between the UK and the Bahamas was recently signed by the UK’s High Commissioner and the Minister of State for Finance from the Bahamas.
The TIEA will allow for the exchange of information in line with the OECD’s model and international tax standards. The TIEA is drafted to allow for the exchange of information necessary to prevent fraud and to ensure that the right amount of tax is paid in each country.
The TIEA will take force once both governments have finalised their legislative procedures. This new agreement is one of a number of TIEA’s that the UK has signed this year.