Czech TIEAs Forwarded For Approval

by Ulrika Lomas, Tax-News.com, Brussels

09 February 2011

The Czech Ministry of Finance has announced that it will submit to the government the first two Tax Information Exchange Agreements between the Czech Republic and offshore jurisdictions in the coming days.

According to a statement on February 3, the agreements in question have been initialled with Guernsey and the Isle of Man.

Welcoming the development, Finance Minister, Miroslav Kalousek, said: “These agreements are important tools in the fight against tax evasion with a positive impact on public budgets.”

He added: “It is in the interest of the Czech Republic to conclude similar agreements as soon as possible. Currently we have agreements in negotiation with three other countries.”

The head of the nation's tax authority, John Knížek, added that following the ratification of the agreements, and others, it will be possible for the authorities to obtain information upon request, to assess whether income or wealth from Czech taxpayers has been taxed properly. In order for the requests to be processed the Czech authorities must provide evidence of the perpetration of fiscal crimes, and vice versa.

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