Protocol Amending the Tax Information Exchange Agreement with the Commonwealth of The Bahamas Agreed in Principle
1. The Government of Japan and the Government of the Commonwealth of The Bahamas have agreed in principle on the Protocol amending 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 which entered into force in 2011.
2. This Protocol amends parts of the current Agreement and introduces the article concerning automatic exchange of information which is necessary for the exchange of financial account information based on the international standards formulated by the OECD, and is expected to future contribute to the prevention of international tax evasion and tax abuse, the importance of which has been recognised at international conferences.
3. This Protocol will be signed after the necessary internal procedures have been completed by each of the two Governments. Thereafter, the Protocol will enter into force after the completion of the approval process on both sides (in the case of Japan, approval by the Diet is necessary).