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
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