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Belize Nears 'Grey-List' Removal

by Phillip Morton, Investors Offshore.com

13 April 2010


Recent Tax Information Exchange Agreements (TIEAs) signed by Belize have shored up the jurisdictions's international reputation, and have brought it nearer to substantially implementing the internationally-agreed standard in transparency and tax information exchange.

In recent weeks Belize has concluded a number of agreements with G20 members and has initialled several more. Belize has now signed a total of four TIEAs, following the conclusion of agreements with Australia, the United Kingdom, Belgium and the Netherlands. The territory has also initialled agreements with eleven other countries, namely Ireland, Italy, Mexico, Aruba, Denmark, the Faroe Islands, Finland, Norway, Sweden, Iceland, and Greenland. The Belize government informed that these agreements will be formally signed as soon as these countries have completed their internal procedures.

The Belizean government is also in negotiations with the United States and Poland.

The government of Belize must conclude a total of 12 TIEAs that comply with the Organization for Economic Cooperation and Development (OECD) standard in order to receive a place on the OECD 'white list,' a target the government said it is "fully committed to".

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 | offshore confidentiality | tax information exchange agreement (TIEA) | law | Belize | offshore | agreements

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