The Japanese government has announced the signing of a comprehensive double tax convention with the Bahamas, which contains provisions for the exchange of tax information.
The agreement, when it enters into force, enables both tax authorities to carry out the effective exchange of information regarding tax matters in accordance with the international standard. Provisions for the avoidance of double taxation assign the taxing rights of the two countries to ensure that individuals' income is not taxed twice when undertaking trade or investment between the two countries.
The Japanese government welcomed in particular provisions for the exchange of information noting that it demonstrates The Bahamas' commitment to cooperate in preventing international fiscal evasion and tax abuse.
The agreement includes provisions aimed at exempting tax at source for certain income of individuals such as pension income.
The agreement requires ratification by both countries before its provisions can enter into force.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.aspTags: tax | law | offshore | investment | trade | agreements | individuals | offshore confidentiality | tax havens | international financial centres (IFC) | tax information exchange agreement (TIEA) | double tax agreement (DTA) | tax compliance | Bahamas | Japan | tax avoidance | compliance | Japan
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