Bermuda, Malta Conclude TIEA

by Amanda Banks, Tax-News.com, London

28 November 2011

The Bermuda government has welcomed the signing of a landmark Tax Information Exchange Agreement (TIEA) with Malta, which will establish a legal platform to allow the respective countries to exchange information in tax matters on request.

The TIEA was signed in London, by Joseph Zammit Tabona, the High Commissioner for Malta, and by Bermuda's Premier, Paula Cox.

The TIEA which provides for a full exchange of information between the two countries marks Bermuda’s 30th Agreement for the exchange of information on tax matters.

Commenting, Cox said: "The value of signing this, our newest TIEA, is a protective and pre-emptive measure to strengthen Bermuda’s position so we are exempt from harsher more punitive future legislative measures. It helps solidify our relationship with the European Union and marks [our] 12th Tax Information Exchange Agreement with an EU member state.”

"As with the others it includes all standard means to ensure due process is followed in tax information requests to Bermuda, including, for example, provisions to protect the confidentiality of information provided under the TIEA. The TIEA will also adhere to public policy considerations and provisions related to protecting legal privilege," she said.

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