On 17 May 2018, the Bahamas House of Assembly reportedly approved the Multinational Entities Financial Report Bill, 2018, which provides for Country-by-Country (CbC) reporting requirements and other measures in relation to the Bahamas' commitments as a BEPS Inclusive Framework member and its commitments for exclusion from the EU list of non-cooperative jurisdictions. With respect to CbC reporting, the Bill includes that the reporting requirement will apply for MNE groups meeting a USD (BSD) 850 million consolidated group revenue threshold. Other measures of the Bill include the removal of all preferential tax regimes for non-resident entities and the removal of ring-fencing in accordance with BEPS Action 5 (Harmful Tax Practice), as well as measures to allow for the introduction of corporate tax on income that will be prescribed by the Ministry, including on nonresident income from financial service products. Additional details will be published once available.
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