Speaking at the recent Tax and Trade Symposium, held by The Bahamas Financial Services Board (BFSB), Laing explained that the current administration is committed to increasing the country’s profile and presence within the global marketplace.

“In this regard there will increased marketing of the jurisdiction and increased participation and visibility by the government in conjunction with the Bahamas Financial Services Board in (BFSB) strategic international events,” he stated.

Minister Laing also noted that the government is increasing its commitment to public-private partnerships, as part of its mandate to preserve and advance the growth and development of the financial services sector of The Bahamas.

He revealed that part of this endeavour is the government’s focus on the health of industry associations, announcing that:

“We were pleased to double our subvention to the BFSB in the current fiscal budget from of $250,000 to $500,000 and to commit to provide a new subvention to the Bahamas Association of Compliance Officers (BACO) of $25,000 for training in the upcoming fiscal budget.”

Laing further revealed that the government is developing a comprehensive international trade and tax policy, and is seeking full industry input on Tax Information Exchange Agreements (TIEAs).

He explained that it was no secret that the nation was receiving numerous requests from nations across the globe to enter into TIEAs with them.

“While there is mounting pressure in this regard, the government is determined to receive full input into this issue from the private sector.Certainly, for our part, any agreements entered into with other countries must meet the basic requirement of advancing the growth and development of our economy with clearly defined gains," he observed.

“There must be open and frank dialogue with industry on this issue because it is not going away and determinations will ultimately have to be made. We welcome forums such as this and others to be able to explore these issues," he added.

The government also wants the elimination of exchange controls, and he noted that his administration has expressed its intention to eliminate these during its term in office, although Laing said that this will take place to the extent that conditions are "supportive" to such a move.

“In any event,” he continued, “we believe and are considering initiatives that can make exchange control more user friendly as well as identify important growth and development opportunities for certain business transactions within the context of existing arrangements.”

“Financial Services has been important to our wellbeing thus far and will no doubt continue to do so,” he concluded. “Together we must work to ensure success in this regard."