It has been announced that Australia and Gibraltar have signed a Tax Information Exchange Agreement (TIEA).
"Implementing effective tax information exchange arrangements with offshore financial centres is an important element in Australia's efforts to prevent tax evasion and abuse," Australia’s Assistant Treasurer, Nick Sherry said. "Gibraltar is now the seventh jurisdiction to sign an information exchange treaty with Australia, as progress continues in making global finance more transparent."
"This agreement will provide a legal basis for the bilateral exchange of information, on request, for both civil and criminal tax purposes," he continued. "It will allow the Commissioner of Taxation to request information relevant to an Australian tax investigation directly from the authorities in Gibraltar. As a result of Gibraltar's constructive cooperation in this area, Australia will remove any governmental references to Gibraltar as a tax haven."
It was emphasised that the TIEA reinforces Australia's long-standing commitment to improving tax transparency globally through the implementation of tax information exchange standards developed by the OECD. The other six foreign jurisdictions to have signed a TIEA with Australia are Bermuda, Antigua and Barbuda, the Netherlands Antilles, the British Virgin Islands, Jersey and the Isle of Man.
The TIEA with Gibraltar, which was signed in London, will come into force after Australia and Gibraltar have completed their respective domestic requirements.
A comprehensive report in our Intelligence Report series tracing in detail the course of the last six years both globally and at jurisdiction level, explaining precisely what you get - and don't get - for your money in all of the main offshore jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report1.asp
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