The peer review process planned for next month by the Organisation for Economic Co-operation and Development (OECD) will be deferred until The Bahamas enters into bilateral or multilateral tax treaties, Deputy Prime Minister and Minister of Finance Peter Turnquest told Guardian Business yesterday, after it was revealed that this peer review is a “top priority” for the global financial watchdog’s base erosion and profit shifting (BEPS) initiative.
Turnquest explained that because The Bahamas has yet to enter into any tax treaties on “income and/or capital” it cannot involve itself in any disputes related to the BEPS initiative.
“The review of the implementation of the Action 14 minimum standard would be pointless, which is the reason why they are asking us to confirm before launching the process in August,” Turnquest said.
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