Commercial Entities (Substance Requirements) (Amendment) Bill, 2023

A BILL FOR AN ACT TO AMEND THE COMMERCIAL ENTITIES (SUBSTANCE REQUIREMENTS) ACT, 2018

Enacted by the Parliament of The Bahamas

1. Short title and commencement.

1. This Act, may be cited as the Commercial Entities (Substance Requirements)(Amendment) Bill, 2023.
2. This Act shall come into force on a date to be appointed by the Minister by notice to be published in the Gazette.

2. Amendment of section 12 of the principal Act.

Section 12 of the principal Act is amended

1. by the deletion of subsection (1) and the substitution of the following –
   1. "(1) The Authority shall, upon receipt of an electronic form filed by an entity, spontaneously exchange the same with the reportable jurisdiction of the entity's legal or beneficial owner and its claimed tax residence."