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The Foreign Account Tax Compliance Act (FATCA) is a 2010 U.S. federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report such assets and identities of ...
The Ministry of Finance is a government ministry of the Bahamas responsible for the care and management of public finances. The development and management of the annual government budget is a major aspect of the ministry's function. [ 1]
Since the enactment of FATCA in 2010, the numbers of people renouncing US citizenship have broken new records each year, increasing from a few hundred per year before FATCA to 6,707 in 2020. [68] In the first two quarters of 2017 alone, 3,072 people renounced, which exceeds the full year total for 2013.
Taxation in the Bahamas is collected by the Government of the Bahamas. The Bahamas are considered a tax haven given the lack of income tax, capital gains tax, inheritance tax or company tax. [1]
Financial Action Task Force blacklist. The Financial Action Task Force blacklist (often abbreviated to FATF blacklist, and officially known as the " Call for action "), [1] is a blacklist maintained by the Financial Action Task Force. [2][3] The blacklist has been issued by the FATF since 2000, and lists countries which FATF judges to be non ...
A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfolio has a large variety of names around the world, such as "treasury", "finance", "financial affairs ...
Philip Edward " Brave " Davis KC MP (born 7 June 1951) [2] is a Bahamian politician serving as the prime minister of the Bahamas since 2021. He was the Member of Parliament (MP) for Cat Island, Rum Cay & San Salvador from 1992 to 1997 and returned to the seat in May 2002, which he still represents.
The number of Ministers from the Senate is limited to three. In addition the Prime Minister and the Minister of Finance are required to be members of the House of Assembly.