The Bahamas government has now gazetted its recently tabled emergency amendment to the Commercial Entities (Substance Requirements) Act 2018, which requires Bahamas-resident businesses to have sufficient physical presence in the jurisdiction to meet the European Union Code of Conduct (Business Taxation) Group's demands.
The last-minute changes are thought to relate principally to section 8, which grants reduced substance requirements to pure holding companies.
The EU is expected to update its 'non-cooperative jurisdictions' blacklist this month or next.