Australia Signs TIEAs With Costa Rica and Macao

by Mary Swire, Tax-News.com, Hong Kong

14 July 2011

Costa Rica and the Special Administrative region of Macao, People's Republic of China, have become the latest jurisdictions to sign agreements with Australia on the exchange of information for tax purposes.

The Australian Assistant Treasurer, Bill Shorten, announced the signing of the bilateral Tax Information Exchange Agreements (TIEAs) on July 13. He said:

"There are now 30 jurisdictions that have signed such agreements with Australia, and the Gillard government welcomes Costa Rica and Macao as TIEA partner jurisdictions."

The agreements provide a legal basis for Australia to exchange taxpayer information with each of the jurisdictions.

"The signing of the agreements demonstrates the commitment of these two jurisdictions to international tax standards," the Assistant Treasurer said.

"Securing these latest agreements further expands Australia's TIEA network, boosting transparency in both the domestic and global financial systems," he added.

The agreements will enter into force when the relevant domestic requirements have been completed in each of the jurisdictions.

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