SITTING PRETTY: AG says G7 tax deal has far greater implications for other countries than Bahamas

“It is far better to be sitting at the table the way The Bahamas is now”

Bethel: We are doing everything we can to get off EU blacklist

NASSAU, BAHAMAS — Attorney General Carl Bethel said yesterday that with the G7 finance ministers recently agreeing to a landmark deal to battle tax avoidance, it is far better for this nation to have a seat at the table as it now does, suggesting the implications of the deal are far greater for other countries in the region.

The attorney general, while making his contribution to the 2021/2022 budget debate in the Senate, said: “Challenges to our financial sector are not going anywhere. They are coming and multiplying.

Attorney General Carl Bethel.

“Now we see on the horizon the whole question of a global minimum unified tax. That will have implications more so for other countries in the Caribbean region than The Bahamas just because of the nature of services we provide vis-à-vis the nature of those services they provide.

“The reality is that change is going to be forced upon us and it is far better to be sitting at the table the way The Bahamas is now.”

Earlier this month, G7 finance ministers agreed to a landmark deal to battle tax avoidance, agreeing in principle that multinational companies pay a minimum tax rate of at least 15 percent in each country where they operate.

Bethel also noted the Bahamian government is doing all it can to ensure this nation is removed from the European Union’s blacklist.

“We were placed on it because at that time we were on the FATF (Financial Action Task Force) grey list. The same thing happened to Trinidad,” said Bethel.

“Since that time, we have been very productive and responsive. I have conducted more than 12 calls speaking with foreign ministers of finance and attorney generals, but in most cases, it was a ministerial response.”

He noted meetings have been held with countries including Germany, Italy, Hungary, Spain, the Czech Republic, Cyprus, Belgium and the Netherlands.

“All of them expressed their support and appreciated the efforts made by The Bahamas,” said Bethel.

“We are doing everything we can to ensure that The Bahamas will get off that blacklist.”

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