Nordic Nations Sign 40th TIEA

by Ulrika Lomas, Tax-News.com, Brussels

07 December 2012

With the signature of the latest tax information exchange agreement with Jamaica, the Nordic group of territories (Sweden, Denmark, Norway, Finland, Iceland, Greenland, and the Faroe Islands) has now signed tax cooperation agreements with 40 territories.

The numerous agreements the group has concluded places it at the forefront of global efforts to push for the adoption of internationally-accepted standards on transparency and tax information exchange, as developed by the Organization for Economic Cooperation and Development.

By enabling other territories to negotiate up to six agreements at a time - half the internationally-agreed benchmark of twelve - the Nordic countries have allowed offshore territories in particular to quickly boost their network of TIEAs.

According to the Norden group, there have also been benefits for tax authorities in member countries. Denmark, Norway and Sweden have reported that since April 2009 tax compliance rates have increased dramatically, and substantial funds held offshore have been voluntary disclosed, cumulatively yielding billions in new revenues.

The agreement with Jamaica was signed on December 4, 2012 at a ceremony at the Danish Embassy in Paris.

TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | Denmark | Iceland | tax avoidance | Organisation for Economic Co-operation and Development (OECD) | Faroe Islands | Jamaica | Norway | offshore | agreements | Finland | Sweden | standards | Greenland

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