Bahamas to Sign OECD Anti-Tax Avoidance Convention.

The Bahamas Government declared it will sign up to the OECD's Multilateral Convention on Mutual Administrative Assistance in Tax Matters; joining the 111 jurisdictions currently participating in the Convention.

The Convention provides for all possible forms of administrative co-operation between states in the assessment and collection of taxes; with a view to combating tax avoidance and evasion. This co-operation ranges from the exchange of information, including automatic exchanges, to the recovery of foreign tax claims.

According to the OECD, the Convention is seen as being the ideal instrument for the swift and effective implementation of the Common Reporting Standard for the Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries, as well as for the automatic exchange of country-by-country reports under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.