Australian TIEA Network Expands

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

02 April 2010

Assistant Treasurer, Nick Sherry, on April 1 announced the signing of a further seven Tax Information Exchange Agreements (TIEAs) as Australia's efforts to achieve greater transparency in tax matters gather pace.

On March 30 and 31, Australia signed TIEAs with:

• The Cayman Islands
• The Bahamas
• Belize
• Dominica
• Grenada
• Saint Lucia
• The Turks and Caicos Islands

"These seven new agreements mean Australia now has tax information treaties with a total of 22 overseas jurisdictions," Sherry said.

"Securing these latest agreements is a significant achievement and a substantial boost to Australia's TIEA network – which is growing rapidly."

"The Rudd government welcomes these jurisdictions as partners in the important work of preventing offshore tax avoidance and evasion. They have committed to international tax standards as established by the OECD which will assist in increasing the transparency of the taxation system."

Concluding, Sherry added:

"As Chair of the Global Forum on Transparency and Exchange of Information, Australia is playing a leading role in the international effort to combat harmful tax competition.”

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