The Tribune

A Bahamian has been chosen to sit on a key Organisation for Economic Co-Operation and Development (OECD) advisory committee dealing with global tax standards.

Stephen Coakley Wells, the Ministry of Finance's director of regulatory and international affairs, was voted on to the steering group for the G-20/OECD Inclusive Framework on BEPS (Base Erosion and Profit Shifting).

Mr Coakley Wells, who is trained as an economist and lawyer, was elected by the 137 members of the BEPS Inclusive Framework. He was chosen from a field of 12 other international financial regulation specialists. He is internationally recognized as an authority on the regulatory and governance standards underpinning global financial markets.

The steering group consists of 26 states that are signatories to the BEPS initiative, which is designed to combat tax avoidance and evasion by multinational companies and entities conducting cross-border commerce.

The steering group is responsible for policymaking over the standards and guidelines relating to the 15 BEPS actions, and sets out a variety of measures ranging from new minimum standards; the revision of existing standards; common approaches for converging national practices; and technical guidance on best practices in international financial systems.

Mr Coakley Wells' appointment was said to be the first time a 'no or nominal tax' jurisdiction such as The Bahamas, which are often under-represented or completely absent from policymaking bodies that develop international financial regulations, will have direct involvement on the steering group.

He will play a key role in advancing the viewpoints and concerns of The Bahamas and other 'no tax jurisdictions' in the ambitious BEPS agenda to tackle harmful tax practices. The Bahamas has been a member of the BEPS inclusive framework since 2017.