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Australia Signs Two More TIEAs

Mary Swire, Tax-News.com, Hong Kong

09 December 2010


Two more nations, Montserrat and the Republic of Mauritius, have signed an Agreement with Australia that will assist the government in taxing assets held offshore.

Bill Shorten, Assistant Treasurer, announced on December 9 the signing of two bilateral Tax Information Exchange Agreements (TIEAs), with Montserrat and Mauritius. These Agreement provide a legal basis for Australia to exchange taxpayer information with both nations.

“There are now 27 jurisdictions that have signed such Agreements with Australia, and the Gillard government welcomes Montserrat and the Republic of Mauritius as TIEA partner countries."

“The signing of these Agreements demonstrates the commitment of both Montserrat and the Republic of Mauritius to international tax standards. It is good to see two countries, on opposite sides of the world, working with Australia to address international tax evasion."

“Securing these latest agreements further expands Australia’s TIEA network, boosting transparency in both the domestic and global financial systems and helping prevent offshore tax avoidance and evasion,” the Assistant Treasurer said.

Each of the agreements will enter into force when the countries' relevant domestic requirements have been completed.

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
TAGS: tax | Mauritius | Montserrat | tax avoidance | Australia | offshore | agreements | standards

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