McCartney touts development of low territorial tax system
Tanya McCartney.
Bahamas Financial Services Board (BFSB) President Tanya McCartney said yesterday there has been advocacy within the sector to develop an attractive, low territorial tax system to once and for all lift the veil over The Bahamas that it is a harmful tax jurisdiction.
Although The Bahamas has business license fees, there have long been calls for the implementation of a corporate or personal income tax system to ease the heavy hand of international financial services regulators.
The absence of such taxes has led to The Bahamas being continually labeled as an offshore tax haven, a stigma which McCartney said the BFSB has been working hard to detach The Bahamas from.