The Bahamas Competent Authority advises that the “tax information exchange” portal for Bahamian financial institutions to submit information on FATCA reportable accounts opened on 19 July 2016 and will close on 26 August 2016 at 5 p.m. EST.
Files may take up to 24 hours to process, so financial institutions need to consider making any reporting in advance of the deadline on 26 August 2016.
Reporting financial institutions must report through the “tax information exchange” portal even if they have no reportable accounts for the reportable year.
For financial institutions with no reportable accounts, a “Nil reporting” must be performed through the electronic attestation online at the portal.
Read an August 2016 report [PDF 80 KB] prepared by the KPMG member firm in The Bahamas
© 2017 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.