The Bahamas will need to further consider restructuring its Financial Services model due the intensified pressure by the G-20 countries for jurisdictions to further increase tax information exchange. Former Minister of State for Finance, Mr. James Smith states the global economic decline and credit situation has caused developed countries to place a greater focus in re-examining their respective tax regimes.
Further, Mr. Smith suggests that the Bahamas become proactive with the Tax Information Exchange Agreement (TIEA) with the US, as the model to partner with other countries. Mr. Smith states that the recovery of unpaid taxes from clients of the Bahamian Financial Services Industry would be very minuscule given that the private wealth management segment of the industry is by and large compliant with their respective home country tax laws.
Baha Mar executives state that they are in the process of concluding an agreement.
The Bahamas is currently the fourth largest CARICOM exporter to Canada.
The Bahamas has the potential of becoming a prominent competitor in the medical tourism market.
The International Monetary Fund (IMF) is revising its estimate of 4% GDP growth for the Bahamas in 2008, as a result of lowered expectations due to a ...
Prime Minister, Mr. Hubert Ingraham in his address in the House of Assembly on the government's 2008-2009 Budget expressed that the government could n...
The Bahamas to maximize its potential in the global economy reformation must occur in various areas of the economy.