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Bahamas Signs TIEA With India

by Amanda Banks,, London

15 February 2011

The Bahamas has signed its 24th Tax Information Exchange Agreement (TIEA) agreement a mere two weeks after becoming a signatory to its 23rd. The deal, made with the Indian government and confirmed on February 11, 2011, allows for the Exchange of Information with Respect to Taxes. This is the Bahamas' third such arrangement with a major Asian country and represents its tenth with a member of the G20.

Zhivargo S. Laing, Bahamian Minister of State for Finance, signed on behalf of the Bahamas, while Mohinder S. Grover, Indian High Commissioner to the Bahamas, was the Indian signatory. Laing stated that “the Government of The Bahamas welcomes the conclusion of this agreement with India," and referenced the involvement of both countries in the Organization for Economic Cooperation and Development’s Global Forum on Transparency and Tax Information Exchange and its Peer Review Committee.

He emphasized that such work, complemented by the newly completed agreement, demonstrated "the mutual commitment" shared by the nations "for the effective implementation of accepted international standards for financial regulation and cross-border cooperation".

TAGS: tax | offshore confidentiality | tax information exchange agreement (TIEA) | Bahamas | India | offshore | G20

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