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DPM speaks at OECD Global Forum – photos

Deputy Prime Minister and Minister of Finance Peter Turnquest is attending the 11th Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Uruguay November 20-22. Pictured: Delegates gather in Uruguay for the OECD's 11th Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes. (Photos courtesy BIS)

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Date:
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TheBahamasInvestor.com
Wednesday, November 21, 2018
Wednesday, November 21, 2018

Turnquest was invited to participate in a high-level panel discussion on the

Pictured: Deputy Prime Minister and Minister of Finance Peter Turnquest addresses the 11th Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Uruguay November 20. (Photos courtesy BIS)

Deputy Prime Minister and Minister of Finance Peter Turnquest is attending the 11th Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Punta Del Este, Uruguay November 20-22.

Turnquest was invited to participate in a high-level panel discussion on the “Role of Tax Transparency in Enhancing Domestic Resource Mobilisation and Fighting Illicit Financial Flows”.

The Deputy Prime Minister was asked to give his view of international organizations such as the Organisation for Economic Co-operation and Development (OECD) Global Forum, and used the opportunity to again highlight how certain punitive measures used against small jurisdictions have a devastating often irreparable economic impact.


He also pointed out that punitive measures are sometimes still imposed even after small jurisdictions, with their tight resource constraints, rush to implement new measures.

“The Bahamas is an international financial centre and relies on foreign direct investment. Foreign direct investment makes up approximately 15 per cent of The Bahamas’ gross domestic product.

“The Bahamas has always adhered to implementing tax transparency laws as far back as 2000, when a suite of laws were passed.”

“However, even when small jurisdictions like The Bahamas are adhering to international standards and best practices and have eliminated bearer shares there are still jurisdictions who have not removed or eliminated bearer shares from their legal framework,” he said.

The Deputy Prime Minister also highlighted that organizations such as the European Union should be mindful of the tight frames and the resources of jurisdictions when asking them to implement criteria adding that you don’t need a sledge hammer to kill an ant.

Other panelists included the Deputy Minister of Economy and Finance of Uruguay Pablo Ferreri, the Deputy Minister on Taxation of Paraguay Fabián Domínguez, Public Revenue Secretary of Argentina Andrés Edelstein, chair of the Global Forum Maria José Garde and chair of the Panel Pascal Saint Amans.

ALT TAG PART OF CAPTION

Pictured: Delegates gather in Uruguay for the OECD’s 11th Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes. (Photos courtesy BIS)

Top executives from the Bahamas Ministry of Tourism and Aviation attended the World Travel Market show in London recently along with 24 tourism stakeholder representatives from Nassau, Eleuthera/Harbour Island and Exuma.

During a courtesy call on November 12 in Tokyo, The Bahamas and Japan exchanged diplomatic notes relating to the Protocol to amend the Tax Information Exchange Agreement between the to countries for the Exchange of Information for the purpose of the prevention of fiscal evasion and the allocation of rights of taxation with respect to income of individuals.

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