Move to Automated Exchange of Information Causing Issues for Financial Services Practitioners

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsApp ALERT # 2 ON POTENTIAL TROPICAL CYCLONE NINE ISSUED BY THE BAHAMAS DEPARTMENT OF METEOROLOGY THURSDAY 12TH SEPTEMBER, 2019 AT 9 PM EDT Bahamas, September 18th, 2017 – Nassau – The DPM was Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest said among the issues financial services practitioners are contending with is the move to automatic exchange of information, particularly for matters related to taxation in other jurisdictions.The initial standard in this regard was the Exchange of Information on Request, espoused by the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes, DPM Turnquest said at the Securities Industry Act, 2011 and Investment Funds Act, 2003 Annual Briefing hosted by the Securities Commission of The Bahamas at the British Colonial Hilton, Thursday, September 14, 2017.He said The Bahamas implemented a number of key legislative initiatives to ensure the legal and regulatory framework as well as supporting processes and procedures were in place to satisfy the Exchange of Information on Request standard.“These involved, among other things, ensuring reliable accounting records were maintained and accessible, and that the beneficial owners of entities, structures and legal arrangements were identified and properly maintained.“The legislative initiatives included the International Tax Cooperation Act, 2010, which facilitated the implementation of international tax agreements and tax information sharing under those agreements.   The Government also implemented a series of legislative amendments including amendments to the International Business Companies (IBC) Act, the Partnership Limited Liability Act and the Segregated Companies Act, amongst others, in 2011, and the IBC Accounting Records Order of 2016, to meet the information exchange standards.   After having undergone the Global Forum’s most recent review – the Phase 2 review, the jurisdiction is assessed as Largely Compliant.”The DPM said the Foreign Account Tax Compliance Act or FATCA was adopted by the United States Congress in 2010, and of course, The Bahamas made the necessary legislative and procedural changes to meet the FATCA requirements.He explained that by September 2014, the G20 and leaders of the Organisation for Economic Cooperation and Development had endorsed the Common Reporting Standard or CRS.The CRS facilitates automatic exchange of account information, on a confidential basis with information from financial institutions being exchanged annually.   According to an OECD June 2017 report, some 101 jurisdictions had committed to implementing this newest standard on tax transparency and undertaking actual information exchanges by 2017 or 2018.“You would be aware that the Government is committed to adopting the multilateral approach to sharing information under the CRS regime.   We simply cannot afford, nor do we wish to have, the reputation of being the ‘last tax haven standing’ as the Head of the OECD’s Global Forum Secretariat on Transparency and Exchange of Information for Tax Purposes, Monica Bhatia, referred to the jurisdiction prior to the Government’s commitment to the Multi-lateral approach.”DPM Turnquest said, “We must protect our sector from the fallout of blacklisting, and we want to be singled out for markers such as excellence in service, being business friendly, and product innovation–not for being a place to hide or launder illicit funds of any kind.   Undoubtedly, this will impact reporting requirements and hence compliance costs in most, if not all, financial institutions.”PressRelease: BIS The Luxury of Grace Bay in Down Town Provocenter_img Related Items:#magneticmedianews Electricity Cost of Service Study among the big agenda items at September 11 Cabinet meeting Recommended for youlast_img read more

4 Children Baptized At The Parish Of The Transfiguration

first_imgWILMINGTON, MA — The following four children were baptized and joined the Parish of  the Transfiguration on Sunday, August 4, 2019:Anthony Joseph RuplisValentina Elizabeth SanchezMadelyn ShalkoskiCallen James SutherlandCongratulations to these children and their families.(NOTE: List is from the latest St. Thomas/St. Dorothy church bulletin. The cover photo is from Airgoz Aerial Photography.)Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.Share this:TwitterFacebookLike this:Like Loading… Related2 Children Baptized At The Parish Of The TransfigurationIn “Community”2 Children Baptized At The Parish Of The TransfigurationIn “Community”5 Children Baptized At The Parish Of The TransfigurationIn “Community”last_img read more

Ola Becomes ThirdMost Valued Startup After Flipkart and Snapdeal

first_imgAfter raising funds worth ₹2,500 crore this month, online cab aggregator Ola is now the third-most valuable venture-backed company in India after Flipkart and Snapdeal.The Bengaluru-based company’s valuation rose to ₹15,600 crore with the latest round of funding which included investments by Russian billionaire Yuri Milner’s DST Global, Singapore’s state investment arm GIC and New York-based hedge fund Falcon Edge Capital invested along with its existing investors.Founded in 2011 and operations in more than 65 cities currently, the company plans to use the funds to expand its services to new cities and diversify its presence to other business areas, following the acquisition of rival TaxiForSure last month.”We will scale up rapidly and double our products and engineering team to about 1,000 in the next quarter,” Bhavish Aggarwal, CEO of OlaCabs, told The Economic Times.The company is aiming to expand cab aggregation services to about 200 smaller towns and cities, investing about of quarter of latest funds to scale up business of TaxiForSure. Ola claims to have 80% of market share after merging TaxiForSure.”Our growth has been strong and we have a very strong market leadership position, which are key reasons for our investors being so supportive,” said Aggarwal.In the previous round of funding, Japan’s SoftBank invested $210 million in the company in October 2014, taking its valuations to about $650 million.With valuations next to only Flipkart and Snapdeal, the company is trying to compete with Uber, a US-based online cab aggregator.Uber is currently the second most valuable start-up in the world at $41 billion after Chinese smartphone maker Xiaomi Inc. India is an important market to Uber, as it has only minor presence in the Chinese market.Flipkart is currently the most valued start-up backed by big venture capital firms, with its valuation skyrocketing to $15 billion from $1.5 billion in October 2013. In 2014 alone, the company raised a capital of around $2 billion.last_img read more