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Canadian Finance Minister Jim Flaherty is in Bermuda to promote trade and investment ties and to discuss tax transparency and anti-evasion initiatives.
The tax information exchange agreement (TIEA) signed between Canada and Bermuda entered into force in 2011. It provides for the mutual exchange of tax information, with the aim of better administering tax laws and preventing evasion. According to the Canadian Finance Ministry, Flaherty will discuss the benefits of this deal during his visit to the country. Canada has 19 TIEAs in total and another 11 are currently under negtoiation.
Flaherty will also publicise a number of reforms designed to crack down on international tax evasion. Flaherty's recent 2013 Budget tightened the rules around tax planning, closed a series of loopholes, and introduced a number of new penalties and criminal offences. It also increased the information gathering and oversight powers of the Canada Revenue Agency.
On the trade and investment front, Flaherty said: "Further developing our trade and investment relationship with Bermuda, a truly global leader in reinsurance, is one of the ways the Government is diversifying our export markets as part of our plan for jobs, growth and long-term prosperity."
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