The governments of Australia and Monaco signed a tax information exchange agreement (TIEA) in Paris on April 1, bringing to 23 Australia’s global network of such agreements.
Australia’s Assistant Treasurer, Nick Sherry, announced the signing of the TIEA, which allows the bilateral exchange of tax and financial information between Australia and Monaco. The existing taxes which are the subject of the agreement are all federal (not state) taxes in Australia and profit tax in Monaco.
The agreement also provides that neither tax authority can refuse to provide information solely because it does not require the information for its own domestic purposes. Each party shall also provide, upon request, information held by banks or other financial institutions, and information regarding the ownership of companies, partnerships, trusts and foundations, among other entities.
“This agreement further boosts the government's drive to improve transparency in both the domestic and global financial systems," the Assistant Treasurer said. "By signing this agreement Monaco has committed to implementing international tax standards of information exchange."
The TIEA will enter into force after both countries have advised that they have completed their relevant domestic legislative procedures, and is expected to have effect from July 1, 2010.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent 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_report2.aspTags: tax | law | offshore | banking | banking secrecy | offshore confidentiality | tax information exchange agreement (TIEA) | Australia | Monaco
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