The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet Minister yesterday urged banks to be more "sympathetic" and continue transacting business with persons whose work permits have expired.

Brent Symonette, minister of financial services, trade and industry and Immigration, during his contribution to the debate on the Multinational Entities Financial Reporting Bill, said: "It appears that some banks, when a person's work permit has expired, are refusing to deal with them as clients.

"I don't see anything in the law that allows them to shut down a person from doing business just because his work permit or residency permit has expired. Please be more sympathetic, be more sensitive. A person hasn't died because his work permit isn't there. We all know the Immigration Department is doing as best a job as it can. It can do better. Give us some time to renew permits."

Mr Symonette said similar incidents were occurring at schools. "Similarly, the schools that are not allowing children to enter to get an education simply because their parent's work permit is not in place, please stop that, too. We need to educate the young children in this country irrespective of whether or not their parent's work permits are up-to-date," he added.

K Peter Turnquest, Deputy Prime Minister and minister of finance, who led debate on the Bill yesterday, said recommendations to remove The Bahamas from the European Union's (EU) "blacklist" will be put before the 28-nation bloc's finance ministers when they next meet formally on May 27.

"We are confident that we have done all that is required of us, and remain hopeful that we will be formally removed from that list at that next meeting," he said. Mr Turnquest added that the Multinational Entities Financial Reporting Bill is a close "mirror image" of the OECD model legislation for country-by-country reporting.

"It is anticipated that this Bill, when implemented, the Competent Authority of The Bahamas will be able to receive country-by-country reports and provide the tax authority with all the relevant information of multinational entities operating in The Bahamas, and will enable the Competent Authority to meet the obligations of Action 13 of the BEPS minimum standards," said Mr Turnquest.