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Bahamas: Status of country-by-country reporting and notification

Bahamas: Status of CbC reporting and notification

The Bahamas government in July 2018 assented to the “Multinational Entities Financial Reporting Act, 2018.” The legislation introduced country-by-country (CbC) reporting and requires multinational entities (MNEs) that are residents of The Bahamas and whose fiscal year began in 2018 to provide annual aggregated information for the jurisdictions where they do business.


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MNEs having total consolidated group revenues less than U.S. $850 million are not subject to these reporting requirements.

The legislation also introduced a 31 May 2019 deadline for MNEs to provide notification to the Competent Authority as to whether it was the ultimate parent entity or the surrogate parent entity.  The Competent Authority was to notify constituent entities about how to comply with the notification and filing obligations by means of an information posting on an official website or by a notice given to the entity.  On 15 May 2019, the Competent Authority published a press release that included the following statement:

Pursuant to Sections 4(1) and 4(2) of the Multinational Entities Financial Reporting Act, 2018, constituent entities resident in The Bahamas whose reporting fiscal year began during 2018 are required to provide certain notification to the Competent Authority by 31 May, 2019.  Please be advised that the country-by-country Exchange of Information portal will be available for registration at a date to be announced by the Competent Authority and until such time, there will be no penalty for failure to provide notification.

Therefore, until the Competent Authority provides further information, no notification is required, and no penalties will apply.


For more information, contact a KPMG tax professional in The Bahamas:

Jane Adams | +1 242 393 2007 |

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