Tag: Bahamas
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Multinational Entities Financial Reporting Act, 2018 (Bahamas)
The Multinational Entities Financial Reporting Act, 2018 (MNE Act) came into force on January 1, 2018, in The Bahamas. This legislation was enacted in response to the OECD’s Base Erosion and Profit Shifting (BEPS) initiative and the European Union’s guidance on fair taxation. Key aspects of the MNE Act include: The MNE Act is part of…
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Country-by-Country Reporting (CbCR) Regulation in The Bahamas
The Bahamas has implemented Country-by-Country Reporting (CbCR) as part of its commitment to the OECD’s Base Erosion and Profit Shifting (BEPS) Action 13. As a jurisdiction with a growing focus on international tax transparency, the Bahamas adheres to global standards for reporting requirements of multinational enterprises (MNEs). The Competent Authority of The Bahamas, under the…
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How CbC reporting is presented in Bahamas
The Bahamas, an archipelagic state in the Caribbean, has implemented Country-by-Country (CbC) Reporting through the Commercial Entities (Substance Requirements) Regulations, 2018. MNEs with a consolidated group revenue of at least USD 850 million in the previous fiscal year are required to file a CbC report. The report should be in XML format and should contain…
CbC Reporting 