The St Lucia government has announced the signing of mutual Tax Information Exchange Agreements (TIEAs) with the Netherlands and Aruba.
Announcing the signing of the agreement on December 3, Permanent Secretary in St Lucia's Ministry of Finance, Isaac Anthony, explained that this represents the beginning of the government's efforts to achieve twelve Organization for Economic Cooperation and Development (OECD) model agreements.
Hitherto, St Lucia has concluded just one TIEA, with the United States, but that has not yet been ratified. Following the G20 Summit in April 2009, territories placed on the OECD ‘grey list,’ of which St. Lucia was one, were required to sign twelve agreements for the exchange of information.
“If Saint Lucia does not sign some 12 outstanding agreements, it is likely to face some very stiff penalties by March next year,” Anthony warned.
St Lucia plans to sign at least 12 agreements in the coming weeks – the next is expected to be with the Belgian government.
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