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China, Bermuda Sign TIEA

by Mary Swire, Tax-News.com, Hong Kong

06 December 2010


Bermuda’s Premier and Minister of Finance, Paula A. Cox, and China’s Deputy Commissioner of the State Administration of Taxation, Wang Li, have signed a tax information exchange agreement (TIEA) between the two countries.

After the signing of the agreement, it was reported that there are presently 680 entities in Bermuda in which there is a Chinese interest. Cox said that the TIEA represented a “significant step forward in cementing political and economic ties between Bermuda and China. Bermuda already works very closely with China as a fellow vice-chair of the OECD Global Forum on transparency and the exchange of information for tax purposes.”

“In the negotiation of this TIEA,” she added, “a framework was established for deepening economic and commercial relations between our two jurisdictions. Both the Bermuda Monetary Authority, and the Bermuda Stock Exchange, following this advancement will be using this opportunity to discuss further cooperation with their regulatory counterparts in China.”

The TIEA will come into force once both governments have completed their respective domestic procedures for its ratification.

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: compliance | tax | business | tax information exchange agreement (TIEA) | tax compliance | law | Bermuda | China | agreements | legislation

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