The Bahamas Investor

...The IRS has upgraded the FATCA Online Registration System, enabling sponsoring entities to provide additional required details. Added features include being able to add sponsored entities and if applicable, sponsored subsidiary branches. View or download a PDF of the complete report here here.......

...hange” portal for Bahamian financial institutions to submit information on FATCA reportable accounts opened on 19 July 2016 and will close on 26 August 2016 at 5 p.m. EST. Reporting financial institutions must report through the “tax information exchange” portal even if they have no reportable accounts for the reportable year. Data must be prepared in either Excel or CSV format to upload to the portal. Files submitted must be complete, containing......

...The Bahamas and the US Foreign Account, Tax and Compliance Agreement Bill has been passed in the House of Assembly.......

...The Bahamas Association of Compliance Officers is to host a seminar on the imminent US Foreign Account Tax Compliance Act. The event will be held at the British Colonial Hilton in Nassau April 3. Download/view a brochure and registration form pdf here.......

...Politicians are set to debate legislation surrounding the US Foreign Account Tax Compliance Act in the House of Assembly this week.......

...Download or view the government notice here.......

...ng a brief update on the status of the Foreign Account Tax Compliance Act (FATCA) implementation, Minister Pinder told BFSB members that, as they already knew, The Bahamas government has chosen a Model 1 Intergovernmental Agreement (IGA) as the framework on how FATCA will be administered in The Bahamas. He said the government has reviewed the IGA and has some suggested drafting changes. “We have been coordinating with countries in the region with......

...lop a plan for managing and remediating any potential risk associated with FATCA non-compliance. Speaking at a round-table discussion held in Nassau last week, Deloitte (Bahamas) partner Lawrence Lewis emphasized the far-reaching ramifications of the initiative. “The impact of this is much greater than just a tax issue. It really becomes an organizational issue, a strategic issue and an issue of operational performance. FATCA is wide sweeping chan......

...Guidelines regarding the US Foreign Accounts Tax Compliance Act are nearing completion, according to government officials.......

...mpetitive edge in this new regulatory environment, the Minister stressed. “FATCA’s regulations contain various options that are being carefully studied by my Ministry. I am mindful, that my Ministry ought not to consider the implications of FATCA in a public sector vacuum,” said Pinder. “Therefore, to ensure that private sector participants are included, I have installed a Minister’s Advisory Group to ensure that your views are considered.” The gr......

...| CTI Tax Solutions, Cantor & Webb will offer IRS audit support, 1441 and FATCA health checks, FFI registrations, legal entity reviews, documentation, withholding and reporting services including Form W-8 series fulfillment, Form 1042-S reporting, and Form 8966 reporting, and technology solutions to assist with 1441/QI, FATCA and CRS readiness/compliance. Markit | CTI Tax Solutions attorneys, certified public accountants, and subject matter exper......

...ence and capacity in tax compliance to be able to navigate in the world of FATCA.” “The government of The Bahamas is assisting in minimizing the affect by what we think is the best way, through a Model 1 Intergovernmental Agreement (IGA).” “This will cause the government, and specifically the Ministry of Finance, to be the competent authority in transmitting information to the Internal Revenue Service (IRS),” Minister Pinder noted. The private sec......

.... The impact of these changes is even larger for offshore private banks as FATCA is levelling the playing field in attracting global investors across many jurisdictions. While there have been several high-profile market exits by global wealth management organizations, there are still opportunities for significant growth for firms that can adapt to change and deliver stronger value propositions. This is an opportunity for firms to re-examine their......

...n-compliance with the Act and the Common Reporting Standard.” Halkitis acknowledged the new global standard models the United States’ Foreign Account Taxpayer Compliance Act (FATCA), which led the way on a global push for cross-border co-operation in the collection of taxes. For the first time, FATCA placed the burden on foreign financial institutions (FFI) and international tax authorities to report US financial asset holders, beginning in 2014.......

...he predicts that the impact of the US Foreign Accounts Tax Compliance Act (FATCA), which comes into force this year, will provide opportunities for skilled lawyers, but open the industry up to greater competition. “We are going to see a lot more challenges to trusts as people try to navigate through FATCA, and others navigate into trusts. People are going to be asking ‘what do these changes mean for us?’ “We are going to face competition from area......