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OECD Commends Bermuda On Nordic/NZ TIEAs,
by Ulrika Lomas, Tax-News.com, Brussels
Tuesday, April 21, 2009
Bermuda has signed 8 new tax information exchange agreements, with 7 Nordic
economies – Denmark, Sweden, Finland, Greenland, Iceland, Norway and the
Faroe Islands and with New Zealand, bringing the number of agreements it holds
to eleven. It had previously signed agreements with Australia, the United Kingdom
and the United States.
Bermuda was one of the first jurisdictions to commit to the international
standards of transparency and exchange of information in May 2000, and one of
11 jurisdictions that contributed to the development of the Model Agreement
on Exchange of Information in Tax Matters in 2002, on which the bilateral agreements
with the Nordic economies are based. Since then it has been working to develop
its network of exchange of information agreements.
The latest agreements mark a further acceleration in international efforts
to implement the standards developed by the OECD’s Global Forum on Transparency
and Exchange of Information, which brings together both OECD and non-OECD economies
to review issues relating to the implementation of international standards in
these areas. Over the last few weeks, a number of economies - including in Asia,
Europe and Latin America, as well as the Caribbean - have announced plans to
remove impediments to the exchange of bank information for tax purposes and
to implement the international standards within specific time frames.
Commenting on the recent signings, Jeffrey Owens, Director of the OECD’s
Centre for Tax Policy and Administration, said: “ Bermuda is an important
financial centre that played a constructive role in developing the standards
now endorsed by all major financial centres. I am very pleased that it has taken
another significant step in implementing the standards. I know that it is determined
to implement the standards fully and that other agreements will follow shortly.”
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