The European Union’s Code of Conduct Group has officially recommended the Bahamas’ removal from the list of non-cooperative jurisdictions for tax purposes.
The government of the Bahamas says it received confirmation of this in writing from the Secretariat of the Code of Conduct Group on Tuesday.
At its meeting on 12 April, Member States’ delegations agreed to recommend the decision to the European Union Economic and Financial Affairs Council (ECOFIN), which is responsible for making the decision official.
The Bahamas, along with three other jurisdictions was added to the EU’s controversial blacklist on 13 March. The current list consists of nine jursidictions.
Based on communications from the Secretariat, the Bahamas government says it expects the ECOFIN Council to take up the recommendation without discussion by their next meeting on 25 May. This outcome is the culmination of on-going discussions between the Code of Conduct Group and the Ministry of Finance.
In a statement sent to International Investment the Bahamas ministry of finance said it will “continue to uphold international regulatory standards and best practices on matters that affect its economic development and financial well-being, and safeguard the jurisdiction’s reputation and competitiveness as a premier international financial center.”
The government has reiterated it will continue to engage in collaborative and proactive dialogue with the Code of Conduct Group and member states, and looks forward to the harmonization of our mutual interests.