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Bermuda, South Africa Sign TIEA

by Lorys Charalambous, Tax-News.com, Cyprus

07 September 2011


A tax information exchange agreement (TIEA) between their two countries was signed on September 6 by Bermuda’s Premier, Paula Cox, after it had been signed in South Africa by the Minister of Finance, Pravin Gordhan, and then couriered to Bermuda for signature.

Incorporating the internationally-agreed Organization for Economic Cooperation and Development standard for the exchange of information upon request, the agreement will give the tax authorities of both countries a greater ability to exchange taxpayer information. Under the terms of a TIEA, the signatories will be able, on request, to exchange bank and other information relating to tax matters.

In a statement on the website of Bermuda's ruling party, the PLP, Cox said that “in the Joint Declaration (by the two governments), the government of South Africa welcomes Bermuda as a member of the community of nations committed to international cooperation and information exchange on tax matters, and affirms that Bermuda will be treated accordingly by the South African authorities.”

“Following the entry into force of this agreement,” she added, “South Africa and Bermuda will continue to examine what further measures can be adopted to further enhance our political and economic relationship, including further clarification of elements of double taxation, discrimination and other undesired tax barriers, investment protection and mutual recognition of our stock exchanges.”

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: South Africa | tax | offshore confidentiality | tax information exchange agreement (TIEA) | law | Bermuda | offshore | agreements | Africa

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