The Bahamas and the United Kingdom on October 29 signed an agreement to provide tax information in civil tax matters and in the case of tax crimes.
The Tax Information Exchange Agreement was signed in Nassau, in the Bahamas by Jeremy Cresswell, High Commissioner at the British High Commission in Jamaica, and Zhivargo Laing, Bahamaian Minister of State for Finance.
The new TIEA will enable the UK and the Bahamas to exchange information to OECD (Organisation for Economic Co-operation and Development) and international tax standards, to ensure that the right amount of tax is paid in each country in the future.
The Bahamas currently has TIEAs with the USA, San Marino and Monaco, and is negotiating similar agreements with other OECD countries.
The pact will come into effect as soon as each government has completed the necessary procedures to give effect to it under their domestic laws.
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