This blog was last updated on June 27, 2021
The Bahamas Finance Ministry has selected Convey Compliance (now a Sovos Compliance Company) and EY (Ernst & Young) to work in conjunction to put the country’s solution for the Foreign Account Tax Compliance Act (FATCA) in place. The two companies will work with the Finance Ministry to create a secure process for submitting tax information for U.S. citizens. Additionally, Convey and EY will assist with establishing the Bahamas Competent Authority. Bahamas has demonstrated its overall dedication to ending cross-border tax evasion by pledging to facilitate the automatic exchange of tax information (AEOI) under the Organization for Economic Cooperation and Development’s (OECD) Common Reporting Standard (CRS). More Information: Visit Convey.com to read the full story and to discover more information on Foreign Account Tax Compliance Act (FATCA) compliance. Related: Ministry of Finance enlists EY and Convey to develop and deploy FATCA Model (bahamaislandsinfo.com)