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Bahamas Meets Internationally Agreed Tax Standards

Hon Zhivargo Laing

Today, in Paris, the Government of the Commonwealth of The Bahamas signed seven Tax Information Exchange Agreements respectively with the Governments of the Kingdom of Norway, the Kingdom of Sweden, the Republic of Finland, the Kingdom of Denmark, Greenland and the Faroe Islands. The signing of these seven (7) bilateral agreements is the culmination of a successful round of multilateral negotiations between the seven Nordic countries and The Bahamas, which were concluded in December last year.

The Government of The Bahamas welcomes the conclusion of these Agreements, which are also expected to enhance the framework for economic cooperation between the parties, as a further expansion of the longstanding cooperative relationship between The Bahamas and the Nordic countries; such cooperative relationships having traditionally existed within the contexts of the United Nations and the International Maritime Organisation.

These most recent Agreements are indicative of the interest and commitment of the Government of The Bahamas in participating in the global effort for a sound financial system.

The Government of The Bahamas anticipates that, with its growing tax cooperation network, the country will see its situation improve as an International Financial Centre that has adapted to the changing international regulatory environment.

The Agreements were signed on behalf of The Bahamas by Hon. Zhivargo Laing, Minister of State for Finance. The signatories for the seven Nordic Countries were: on behalf of Norway, H.E. Ambassador Tarald O. Brautaset; on behalf of Sweden, H.E. Ambassador Gunnar Lund; on behalf of Finland H.E. Ambassadör Pilvi-Sisko Vierros-Villeneuve; on behalf of Iceland, H.E.

Ambassador Thórir Ibsen; on behalf of Denmark, H.E. Ambassador Anne Dorte Riggelsen; on behalf of Greenland, H.E. Lida Skifte Lennert, Head of Representation to the European Union; and on behalf of the Faroes, H.E. Gunnar Holm-Jacobsen, Head of Mission -Brussels.

With the execution of these tax information exchange agreements, The Bahamas has achieved substantial implementation of the internationally agreed standard for transparency and effective exchange of information, for the purposes of the OECD/G20 Progress Report.

 he Government of The Bahamas has now concluded eighteen (18) agreements providing for tax information exchange, including twelve (12) agreements with members of the OECD and six (6) agreements with G20 members.