The Bahamas government has taken the decision not to enter into any more tax information exchange agreements in the near future, Minister of State for Finance James Smith told the Bahama Journal last week.
“Until we have a level playing field with regard to tax information exchange we are not entering into any treaties with other OECD members," commented Mr Smith.
The recent TIEA entered into with the United States has sparked worry in the financial community that the Bahamas has left itself at the mercy of the IRS.
The criminal element of the US TIEA came into effect on January 1, giving the Bahamas the status of a permanent US Qualified Jurisdiction.
The US gave The Bahamas provisional QJ status in 2000, but made an extension to the full six years conditional on the Bahamas signing a TIEA with the US before the provisional period expired.
The TIEA is not retroactive and will only apply to criminal matters from January 1, 2004. Civil tax matters will be covered by the TIEA from January 1, 2006.
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