The Removal of Preferential Exemptions Act, 2018 (the “Act”) was enacted in December 2018 to abolish “ring-fencing,” a term used to describe a situation where a certain category in a group is entitled to benefits which are not available to the rest of the group.

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In July 2018 The Bahamas government passed the Multinational Entities Financial Reporting Act, 2018 (the “MNE Act”), which is deemed to have come into force on 1 January, 2018 and requires certain companies incorporated or resident in The Bahamas with revenues of at least US$850 million to annually file a country-by-country report with the Minister of Finance.

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The Register of Beneficial Ownership Act (the “Act”) came into force on the 20 December, 2018. The Act provides for the Competent Authority to establish a secure system to enable each Registered Agent to maintain a database of required particulars on the beneficial owner(s) of a legal entity for which it has responsibility.

The Commercial Entities (Substance Requirements) Act, 2018 (the “Act”) came into force on 31 December, 2018, to ensure compliance with international standards on tax governance and transparency.

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Chambers and Partners is a world renowned legal directory and ranks
the most outstanding law firms and lawyers in over 180 jurisdictions
throughout the world.

McKinney, Bancroft & Hughes is proud to have Chambers and
Partners rank four of our Attorneys, three of whom were also ranked by
IFLR1000. In addition to the ranking of our Attorneys, Chambers and Partners
highlighted our Firm’s wide acclaim in relation to our litigation, corporate
and finance capabilities.

To read more, please see the attached PDF.