SKN, Germany Sign TIEA

by Phillip Morton, Investors Offshore.com

25 October 2010

The government of St Kitts and Nevis has announced that a Tax Information Exchange Agreement was signed with Germany on October 19.

The agreement was signed by St Kitts and Nevis's Prime Minister and Minister for Finance, Denzil Douglas, and Christoph Peleikis, Germany’s Charge d’Affaires in Port of Spain, Trinidad.

Welcoming the signing at the ceremony, Douglas noted that the pact would be of great importance to the islands’ economy.

"With this agreement, both St. Kitts and Nevis and Germany commit themselves to provide assistance through exchange of information relevant to the administration and enforcement of the respective fiscal laws of the contracting states," he said.

According to the Organization for Economic Cooperation and Development (OECD), the territory has signed seventeen tax information exchange agreements, surpassing the twelve agreement benchmark necessary for placement on the OECD white list of territories that have substantially-implemented the internationally-agreed standard.

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