SVG Signs TIEA With Canada

by Phillip Morton, Investors Offshore,com

08 July 2010

Saint Vincent and the Grenadines concluded its 20th Tax Information Exchange Agreement (TIEA) on June 22, 2010, with Canada.

This TIEA was signed in Kingstown, St. Vincent by the territory’s Prime Minister and Minister of Finance, Ralph Gonsalves and the Canadian High Commissioner, Ruth Archibald.

According to Gonsalves: “It was always the intention of St. Vincent and the Grenadines to sign such agreements despite the threat of sanctions by the OECD.”

“We are not opposed to signing tax agreements; we are a responsible country and want to see cooperation particularly where there may be instances of the use of the proceeds of crime and the facilitation of money laundering,” he stated.

Sharda Sinanan-Bollers, Executive Director of the International Financial Services Authority said that the TIEA demonstrated the territory’s commitment to go beyond the minimum transparency standard set by the OECD.

St Vincent and the Grenadines was placed on the OECD white list on March 24, 2010, and the government said that it remains committed to implementing standards that will contribute towards greater transparency and international cooperation in tax matters.

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