'Substantia lFATCA costs'could hurt Bahamas

Wed, Jul 13th 2011, 11:00 PM

A former Bahamas Financial Services Board (BFSB) chairman yesterday said that while the re-emergence of Senator Carl Levin's Stop Tax Haven Abuse Bill was likely to have minimal impact on this nation, "substantial costs" involved in complying with other US legislation could pose a threat to the sector.

Michael Paton, attorney and partner with the Lennox Paton law firm, told Tribune Business that the compliance costs associated with the US Foreign Account Tax Compliance Act (FATCA) - estimated in media reports to be as much as $150 million for some of the global Swiss banking groups - could cause head offices to take a hard look at "mar ...

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