Entry into Force of the Tax Agreement between the Government of Japan and the Government of the Commonwealth of The Bahamas
July 27, 2011
- The exchange of notes for the entry into force of the Agreement between the Government of Japan and the Government of the Commonwealth of The Bahamas for the Exchange of Information for the Purpose of the Prevention of Fiscal Evasion and the Allocation of Rights of Taxation with respect to Income of Individuals (signed on January 27, 2011) took place in Nassau on Tuesday, July 26 between the Embassy of Japan and the Ministry of Foreign Affairs of the Commonwealth of The Bahamas. The Agreement will enter into force on Thursday, August 25, 2011.
- This Agreement provides for a detailed mechanism for the exchange of tax information, with a view to preventing cross-border fiscal evasion and tax avoidance, and also provides for tax exemption with respect to income of individuals such as pensions, for the purpose of promoting personal exchange between Japan and The Bahamas. Following the Tax Agreement with Bermuda which was signed and entered into force last year, this Agreement is the second international agreement focusing on the exchange of tax information that Japan concludes, and it will be Japan's practical contribution in expanding the international information exchange network aimed at preventing cross-border fiscal evasion and tax avoidance.
- (*This is a provisional translation. The above date denotes the date of the issue of the original press release in Japanese.)