Bermuda’s Finance Minister, Paula Cox, has disclosed that South Africa and Bermuda have concluded negotiations on a tax information exchange agreement (TIEA) between the two countries, incorporating the Organisation for Economic Co-operation and Development (OECD) standard.
It is Bermuda’s 19th TIEA, and the first time it has concluded such an agreement with a country in Africa. In a ministerial parliamentary statement, Cox said that the TIEA “will, upon signing sometime later this year, provide for a full exchange of information on criminal and civil tax matters between the two countries.”
The TIEA will give the tax authorities of each country an ability to exchange taxpayer information over all taxes imposed by each party. It will provide that neither tax authority can refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.
Cox added that: “South Africa and Bermuda, through the goodwill created by concluding the TIEA negotiations, are committed to adopting measures to further enhance our political and economic relationship, including further clarification of elements of double taxation, discrimination and other undesired tax barriers, and investment protection.”
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 | law | offshore | investment | offshore confidentiality | tax information exchange agreement (TIEA) | Bermuda | South Africa | Bermuda
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