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St Kitts, New Zealand Sign TIEA

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

03 December 2009


New Zealand's Revenue Minister, Peter Dunne, has announced that the country has signed a tax information exchange agreement with the Federation of St Kitts and Nevis.

The TIEA adheres to the internationally-agreed Organisation for Economic Cooperation and Development (OECD) standard for the exchange of information for tax purposes, and gives the tax authorities of both countries a greater ability to request and exchange taxpayer information and to exchange information on a wide range of taxes.

It also provides that neither tax authority can refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.

The agreement will enter into force on the date of completion of ratification procedures by both countries, and shall have effect for taxable periods beginning, or taxes arising, on or after January 1 following that date.

Dunne said: "I welcome the signing of this latest TIEA, which brings the number of such agreements that New Zealand has entered into this year to 10.”

A "great many" TIEAs had been signed internationally this year, he added, as offshore financial centres seek to amass a sufficient number of them to meet OECD standards for transparency and information exchange.

St Kitts was placed on the OECD grey list of countries that had made commitments but had not yet entered into the minimum number of TIEAs to be deemed to have substantially met its standard. It is said to be making arrangements to sign sufficient TIEAs to achieve that aim as soon as possible.

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

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