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The Bahamas Responds To US Tax Haven Abuse Bill,
by Phillip Morton, Investors Offshore.com
Tuesday, April 21, 2009
Reaffirming that there is no justification for the United States to name the Bahamas
in a 'stop tax haven' bill, Prime Minister Hubert Ingraham said the
Bahamas does not expect that its name will appear in such legislation at the end
of the day.
At the fifth Summit of the Americas in Port of Spain, Trinidad on April 18, leaders
of the Caribbean Community (Caricom) met with members of the US House of Representatives
Financial Services Committee and a Congressional delegation led by Chairman
of the House Ways and Means Committee Charles Rangel and Chairman of the Western
Hemisphere Subcommittee Eliot Engel on the United States’ Stop Tax Haven
Abuse Act.
The initiative is an effort to prevent US citizens from using offshore jurisdictions
to avoid or evade paying taxes, which would otherwise have been owed to the US government.
Such an initiative could affect the Bahamas to the extent that legislation including
the Bahamas on a list of countries regarded as tax havens could negatively affect
the country’s reputation as a place to invest and do business.
Ingraham said, “The US Congressmen were not able to provide a justification
for naming the Bahamas as a tax haven - the facts do not square with that title.
We expect therefore that at the end of the day our name will not appear in any
such legislation.”
Prime Minister Ingraham said he previously wrote to Congressman Rangel on the
Bahamas’ position, and had also written on behalf of Caricom at the Community’s
request.
“I think he gave us sufficient assurances about the bill to cause most
of our members to be comfortable,” Ingraham advised, adding: “There
will be some additional discussions with the Congress.”
Calling the initiative ‘misguided’ insofar as the
Bahamas is concerned, Prime Minister Ingraham explained: “We have cooperated
with the United States fully, we have a tax information exchange agreement with
them, the Treasury Department and the Internal Revenue Service (IRS) would all
certify that all requests made in The Bahamas have been responded to appropriately.”
Ingraham underlined that negotiations on Tax Information Exchange Agreements
(TIEAs) with Canada and other countries are currently underway.
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