Bahamas Minister for Financial Services and Investments, Allyson Maynard Gibson, announced last week that the government has called upon the professional services firm PricewaterhouseCoopers to conduct a study of the country's finance industry which will form the basis of a review of the sector.
"I can confirm here this morning that the government has agreed to engage PWC to do a survey for The Bahamas," Mrs Maynard Gibson told the Bahamas Financial Services Board’s tax symposium last Wednesday. "We hope that its findings will be presented at the 2006 BFSB Annual Retreat," she added.
The information gathered by PWC is expected to be used in a review of the five-year strategic plan for the financial services industry, with a major emphasis being placed on the effects of taxation on the sector.
"International initiatives mean that a greater understanding of tax as a business driver is necessary to ensure that our tax neutral platform remains relevant to the client," she stated.
"Most professionals would agree that tax is a stronger factor in deciding whether a Bahamian trust, foundation or investment fund is attractive," she added.
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