St Kitts And Nevis Boosts Tax Cooperation

by Amanda Banks, Tax-News.com, London

10 February 2012

Saint Kitts and Nevis's Cabinet has approved the signing of a Tax Information Exchange Agreement (TIEA) with India and has endorsed the commencement of negotiations towards similar agreements with a further four nations.

Emphasizing the importance of TIEAs, the territory's Prime Minister and Minister for Finance Denzil Douglas said the signing of agreements was crucial to the territory's efforts in meeting international standards. St. Kitts and Nevis has already signed 17 agreements and has been placed on the OECD 'white list' of those territories that have substantially implemented the internationally-agreed standard on tax transparency and tax information exchange.

The Cabinet agreed that negotiations should begin with Guernsey, South Korea, Greece and Mauritius.

To date, St. Kitts and Nevis has signed TIEAs with the United Kingdom, Australia, Monaco, The Netherlands, The Netherlands Antilles, Aruba, Liechtenstein, New Zealand, Denmark, Belgium, Norway, Sweden, Greenland, the Faroe Islands, Iceland, Finland and Canada.

The twin-island Federation has already initialed or concluded negotiations with and is awaiting dates for signature with France, Germany and San Marino.

The Federation has already commenced TIEA discussions with India, Japan, the Republic of Seychelles and the United States but has not yet confirmed the text for these agreements.

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