Chilean finance minister, Felipe Larraín, has announced that the government had begun negotiation of Tax Information Exchange Agreements (TIEAs) with a series of low-tax jurisdictions as a way of combating tax evasion.
The countries include Bermuda, the Cayman Islands, the British Virgin Islands, Jersey, Liechtenstein and Panama. Larrain stressed that TIEAs can be an important complement to bilateral Double Taxation Agreements.
The finance minister said that Chile is interested in signing these agreements to access information on the amount and nature of income Chileans kept abroad.
In his presentation, the Finance Minister explained that Chile had signed agreements to avoid double taxation with 21 countries, including: Argentina, Brazil, Canada, Colombia, Korea, Croatia, Denmark, Ecuador, Spain, France, Ireland, Malaysia, Mexico, Norway, New Zealand, Paraguay, Peru, Poland, Portugal, the United Kingdom and Sweden.
He added that agreements with six other countries had been signed but not yet ratified: the US, Australia, Russia, Thailand, Belgium and Switzerland.
In addition, negotiations had been concluded with South Africa, and talks with Finland were almost complete. Other agreements are under negotiation with Austria, China, Cuba, Holland, Hungary, India, Italy, Kuwait, the Czech Republic, Uruguay and Venezuela.
Larrain said the completion of these agreements can help establish mechanisms to prevent tax evasion, and contribute to further strengthening Chile's status in international markets.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.aspTags: tax | agreements | tax information exchange agreement (TIEA) | double tax agreement (DTA) | Bermuda | British Virgin Islands | Cayman Islands | Chile | Jersey | Liechtenstein | Panama | Virgin Islands | Panama | Jersey | Cayman Islands | Liechtenstein | Bermuda
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