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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. ....
EU parliamentarians argue countries ‘removed from blacklist too hastily’ Members of the European Parliament (MEPs) adopted a resolution last week that seeks to put more pressure on its global financial watchdog, the European Commission, that would keep so-called “tax haven” jurisdictions blacklisted until the material changes the European Union (EU) wants to see made to those jurisdictions’ tax systems are legislated. A press statement on the European Parliament’s website lays out the discussions had by the MEPs, who contend that the current systems that are used to decide whether or not to blacklist countries and remove them from the blacklist are “confusing and ineffective”. ....