The UK tax authority, HM Revenue and Customs (HMRC), has announced the signing of tax information exchange agreements (TIEAs) with Organization of Eastern Caribbean States territories Antigua and Barbuda, St Kitts and Nevis, and St Lucia.
The agreements were signed on January 18 by UK Financial Secretary to the Treasury Stephen Timms, and by the High Commissioners of the respective territories: Carl Roberts, James Williams, and Eldridge Stephens.
The TIEAs are based on the Organization for Economic Cooperation and Development model treaty regarding the internationally agreed standard on tax information exchange and fiscal transparency.
The new TIEAs provide for comprehensive exchange of information in respect of taxes of every kind and description.
The TIEAs will come into effect as soon as each government has completed the necessary procedures to give effect to them under their domestic laws.
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.asp
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