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

NASA engineer looks to Saturn moon Titan for human colony

first_img See dramatic clouds streak across Saturn’s moon Titan See Cassini’s last image before it died at Saturn 4 Tags So far, Wellons is doing a good job of selling us on Titan, but the moon isn’t exactly a body double for Maui. It’s chilly to the tune of -290 degrees Fahrenheit (-179 degrees Celsius). NASA says you could walk around on Titan without a spacesuit, but you’d need an oxygen mask and protection from the cold.So Titan has some downsides, but it’s worth tossing it into the speculation hopper as we contemplate colonizing the solar system some day. I have to agree with Wellons when she says “it just seems like an awesome place to live.” 13 Photos Share your voice Cassini at Saturncenter_img Sci-Tech Enlarge ImageTitan poses in front of Saturn in this mosaic image from the Cassini mission. NASA/JPL-Caltech/Space Science Institute Come, move to the moon: You can jump like a grasshopper. Come, move to Mars: You can bound like a bunny. Come, move to Titan: You can fly! I know which one I’d choose.NASA’s Janelle Wellons is pumping up Saturn’s moon Titan as a possible site of human settlement should Earth become uninhabitable. Wellons is an instrument operations engineer at the Jet Propulsion Laboratory. She participated in a Reddit Q&A on Wednesday with women who work at NASA.space05.jpgEnlarge ImageTitan has a hazy atmosphere, which makes the surface difficult to see. Cassini’s near-infrared spectrometer penetrated the clouds to give us a look at its surface. NASA/JPL/University of Arizona/University of Idaho A Reddit user asked, “Where would the most suitable place in the universe be to go if we couldn’t theoretically live on Earth anymore?”Wellons suggests Titan, calling it a more interesting answer than the standard Mars or moon response. Wellons used to work as an engineer on NASA’s Cassini mission, which is now over. The spacecraft spent years studying the ringed planet and its many satellites, including weird and fascinating Titan, Saturn’s largest moon.NASA chief scientist Jim Green had previously floated Titan as a possible option for colonization.”Titan is the only place besides Earth known to have liquids in the form of lakes and seas on its surface,” Wellons says. “These liquids are made of methane but, armed with the right kind of protective gear, one could theoretically be able to swim without harm!”Titan isn’t just a potential swimming spot, it also has a draw for anybody who’s ever taken flight in a dream. Wellons points to the thick atmosphere and its ability to shield us from space radiation. “It is so dense that we could actually attach wings to our arms and fly on this moon,” she says. Hell yeah.  Comments NASA shoots for Saturn’s moons with dazzling Cassini views (pictures) NASA Spacelast_img read more

Airbnb Agreement With Texas Means Hosts Wont Get Around Paying Tax

first_img 00:00 /01:17 Listen Share X AP Photo/John LocherRandy Tussing, an Airbnb host, looks at his phone while standing in his home, Thursday, Feb. 16, 2017, in Las Vegas.Starting May 1, people who host paying guests through Airbnb in Texas won’t get around paying the 6 percent state hotel occupancy tax.Laura Spanjian, public policy director at Airbnb’s southwest region, said many hosts didn’t know they had to pay those taxes or couldn’t figure out how to.“So we decided, could we actually take on the responsibility of the host and have Airbnb collect and remit the tax?” she said. “So we realized, legally, we could do that if we had agreements with cities and states that in essence transferred responsibility from a host to us.”Texas is not the only place where the company is doing this.By next month, Airbnb will have similar agreements with 250 jurisdictions in the United States, including 20 states.David Stacy has hosted guests through Airbnb for the past two years in his garage apartment north of downtown Houston.He said he has never paid hotel occupancy taxes before, but he’s not concerned that the additional charge will deter potential guests.“I’ve looked at lots of websites for Airbnb in cities that I enjoy traveling to, and I see Airbnb there for a lot less than I would have to pay for a hotel,” he said. “So to me, I think it’s still a good bargain.”Stacy said he wants to abide by the law and is glad Airbnb is stepping in.The city of Houston, by the way, does not yet have an agreement with the company and will still be missing out on a lot of revenue from the local hotel occupancy tax, which is 7 percent.Spanjian said she is in talks with Houston as well. To embed this piece of audio in your site, please use this code:last_img read more