Monday, Nov 18, 2019
HomeBusinessGovt moves quickly on Commercial Entities Act amendments

Govt moves quickly on Commercial Entities Act amendments

The government is moving quickly to pass amendments to new tax laws that would keep The Bahamas in good standing with the European Union (EU) ahead of the next meeting of its council, scheduled for next month.

The Commercial Entities (Substance Requirements) (Amendment) Bill, 2019 was read for the first time in the Senate yesterday, with plans to have the bill passed today.

The European Council will determine at its next meeting in March if The Bahamas has made sufficient legislative efforts to comply with international standards in tax governance and transparency.

Prime Minister Dr. Hubert Minnis travelled to Brussels, Belgium last month to meet with high-ranking officials of the European Commission to discuss The Bahamas’ commitment to those global standards.

“This is as a result of the successful mission of the prime minister to the European Union, which occurred a week and a half before we were informed by email that the European Union proposed to put us on a list, the 21 of January,” Attorney General Carl Bethel said when he tabled the bill in the Senate yesterday.

“Over a week and a half before that the prime minister was away on a mission to Brussels and I was with him and this amendment was a result of his successful mission.”

The amendments to the bill stipulate that commercial, regulated and non-included entities that are centrally managed and controlled provide proper reporting and evidence of compliance with the act; that core income-generating activities are not outsourced unless such entities can provide evidence of supervision and control of the outsourcing service provider; and that holding companies must have adequate human resources and premises in The Bahamas for holding and managing equity participation in other entities.

Paige McCartney

Business Reporter at The Nassau Guardian
Paige joined The Nassau Guardian in 2010 as a television news reporter and anchor. She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas.
Paige started working as a business reporter in August 2016.
Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News
FOLLOW US ON:
URCA welcomes new di
Bethel explains Baha