Bahamas Removed From French Tax Blacklist

• Published date: 10 March 2021
• Subject Matter: Finance and Banking, Tax, Financial Services, Withholding Tax
• Law Firm: Bahamas Financial Services Board
• Author: Bahamas Financial Services Board

• The Bahamas Removed from the French List of Non-Cooperative States and Territories in Tax Matters.

Source: Central Communications Unit, Ministry of Finance

Date: March 8, 2021

Contact: MOFcomms@bahamas.gov.bs

The Government of France has removed The Bahamas from the French list of non-cooperative states and territories in tax matters. The list, which is updated annually by the French Ministry of Economics and Finance, was published in the Official Diary of the French Republic on March 4.

The French Government has imposed a number of sanctions on blacklisted countries, including applying withholding taxes at a higher rate on financial transactions involving blacklisted countries. This serves as a disincentive to French taxpayers, both individuals and companies, wishing to conduct business in blacklisted countries. Blacklisting also carries reputational risks and may affect a country's ability to access international markets.

Minister of State for Finance, Senator The Honorable J. Kwasi Thompson stated:

"The decision by France to remove The Bahamas from its tax blacklist is the culmination of extensive bilateral discussions with the French Government since we were first listed in December 2019. From the moment we learned that The Bahamas was listed, we set about to...