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Bermuda Satisfies G20 'Twelve TIEA' Quota,
by Amanda Banks, Tax-News.com, London
Wednesday, June 10, 2009
Bermuda’s Minister of Finance Paula Cox has announced the conclusion
of a bilateral agreement between the Netherlands and Bermuda to provide for
the full exchange of information on criminal and civil tax matters between the
two countries.
The signing of the Tax Information Exchange Agreement (TIEA) took place at
a ceremony on June 8 at the Royal Netherlands Embassy in London, attended by
the Netherlands Deputy Minister Jon Kees de Jager, who signed the agreement
for the Netherlands, and Netherlands Ambassador Pim Waldeck. The signing was
the culmination of negotiations, which had been ongoing for the two years previously.
The two delegations noted the agreement as a step forward in cementing the relationship
between the two countries.
In reviewing the day’s events on June 8, Minister Cox commented on the
diligent efforts of Bermuda in continuing to build upon its long standing position
of transparency and international cooperation: “I am delighted to have
signed the tax information exchange agreement with the Kingdom of the Netherlands.
It marks Bermuda’s twelfth signed TIEA and thereby satisfies the standard
articulated by the G20 during its London Summit on April 2, 2009. Bermuda may
now claim its position amongst those jurisdictions that have substantially implemented
the internationally agreed tax standard.”
"By Bermuda’s proactive and high-level commitment to support the
OECD initiative to implement standards of information exchange and transparency,
we have worked assiduously to strengthen worldwide tax cooperation," she
said. “It is significant that Bermuda had concluded 12 TIEA negotiations
as of April 2, 2009, and as we noted at that time, we were confident that our
TIEA partners would have completed the internal processes within due time to
be able to sign the agreements.”
“Bermuda wholeheartedly endorses the OECD’s objectives and is especially
pleased to note that the April 2 progress report – or 'grey list' –
will now be updated and that Bermuda will be included in the revised white list,”
said the Minister. “We shall continue to build upon our long standing
position of transparency and cooperation which has, through the years, differentiated
Bermuda from other jurisdictions.”
The Minister noted that Bermuda has a long-standing commitment to the principles
of fair tax competition and international co-operation in tax matters that extends
back to 1988 when Bermuda signed a TIEA with its largest trading partner, the
United States of America.
“Our jurisdiction has worked diligently for almost two decades to arrive
at this juncture today,” she explained. “In addition to our agreements
with the United States, United Kingdom, Australia, New Zealand and the Nordic
Group, which together comprise the 12 required TIEAs to meet the OECD standard,
Bermuda has concluded negotiations with Germany, Mexico and Canada. Signing
dates are being arranged with Germany and Mexico for the very near future and
it is anticipated that the signing with Canada will take place later in the
year after Canada concludes its ratification process.”
“I am pleased also to confirm that our TIEA negotiations will continue
on the basis of mutual benefit and note that the Government of Bermuda is closing
in on its goal to have TIEAs in place with all G7 countries and other important
international trading and commercial partners. Most importantly, Bermuda continues
to not only meet but exceed standards set by the OECD Global Forum's annual
assessments, and we are confident that we have the legislative framework in
place to well-position ourselves for the forthcoming model peer review process
as our TIEA partners repeatedly publicly commend Bermuda on how well we effectively
exchange information.”
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