The Bahamas was today included on the European Union listing of non-cooperative jurisdictions for tax purposes at its meeting of European Council of Finance Ministers, without discussion.

During a first-ever Swiss-EU Summit in Brussels on Wednesday, Switzerland and the EU signed nine bilateral agreements, ranging from tax to the free movement of people.

Minister Maynard-Gibson presented opening remarks at the STEP Caribbean Conference today at the Atlantis Paradise Island Resort.

The EU Savings Directive ("EUSD") which subjects savings income in the form of interest payments made in one Member State to beneficial owners who are individuals resident for tax purposes in another Member State to effective taxation in accordance with the laws of the latter Member State was implemented on July 1, 2005.

Today in Paris, the Committee on Fiscal Affairs (CFA) of the Organisation for Economic Cooperation and Development (OECD) announced new provisions for the exchange of information between national tax authorities.

The first offshore operations in the Western Hemisphere were established in The Bahamas in 1936 by British and Canadian interests to provide management services for the investments of wealthy clients. These operations eventually became a wholly owned subsidiary of the National Westminster Bank, which was consolidated into the private banking operations of its parent company.