St Vincent And The Grenadines, UK Conclude TIEA

by Mike Godfrey, Tax-News.com, Washington

21 January 2010

St Vincent and the Grenadines concluded its latest Tax Information Exchange Agreement (TIEA) on January 18 with the UK. The agreement was signed by St Vincent and the Grenadines’ High Commissioner to the UK, Mr Cenio E. Lewis, and Financial Secretary to the UK Treasury, Stephen Timms, at the HM Revenue and Customs Office in London.

St Vincent and the Grenadines has now completed nine TIEAs to date. The other eight TIEAs are with Aruba, Austria, Belgium, Denmark, Ireland, Liechtenstein, the Netherlands, and the Netherland Antilles.

The pursuit of TIEAs has been undertaken by St Vincent and the Grenadines in order to demonstrate its commitment to implementing the Organization for Economic Cooperation and Development’s (OECD’s) internationally agreed tax standards with respect to the exchange of tax information. The country has therefore been involved in negotiations with OECD and other countries in order to obtain at least 12 TIEAs by March 2010, in order to be removed from the OECD’s “grey list.”

Negotiations are continuing by St Vincent and the Grenadines for the establishment of TIEAs with Australia, France, Germany, New Zealand, Sweden, Norway, Finland, Iceland, the Faroe Islands and Greenland. Seven of these TIEAs have already been initialed. Dates for the completion of these TIEAs have not yet been decided; however, all are targeted for completion on or before March 31, 2010.

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