TCI To Join OECD Tax Transparency Convention

by Mike Godfrey, Tax-News.com, New York

11 September 2013

The Turks and Caicos Islands will sign the Convention on Mutual Administrative Assistance in Tax Matters on December 01, according to the Council of Europe.

The UK overseas territory committed to joining the Convention during the run-up to the G8 summit chaired by the UK earlier this year.

The Convention was developed in 1988 by the Organization for Economic Cooperation and Development and the Council of Europe. The aim of the Convention is to facilitate all possible forms of administrative cooperation between jurisdictions in the assessment and collection of taxes. In particular, it is designed to combat tax avoidance and evasion.

"As the lead on the OECD's Global Forum issues in the Islands, I am very pleased with this development which once again demonstrates the Turks and Caicos Islands' commitment to working with the international community to apply international standard of financial transparency," said TCI Acting Attorney General, Ms Rhondalee Knowles. "Becoming a signatory to the Convention will enhance the attractiveness of the Turks and Caicos Islands as a fully compliant, well-respected and regulated jurisdiction in which to conduct financial business."

Premier Dr Rufus Ewing said of the news: "As Premier of the Turks and Caicos Islands, I am pleased that we are to be a part of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, an OECD and Council of Europe initiative that was once only restricted to its members. This demonstrates our continuing commitment to achieving the highest international standards of tax transparency."

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