UK Legislates For Three TIEAs
by Robert Lee, Tax-News.com, London
01 July 2011
The UK has begun its ratification process of three tax information exchange agreements (TIEA), with Aruba, Liberia and the former Netherlands Antilles islands.
Each of the three agreements broadly follows the Organization for Economic Cooperation and Development model convention, and provides for the exchange of information for tax purposes.
The TIEAs also allow for the exchange of information held by banks and other financial institutions, and of information on the ownership of companies, partnerships, trusts and foundations.
The TIEA with Aruba covers all taxes imposed in both territories, and was signed on November 5, 2010. The Liberian agreement also covers all taxes, and was inked on November 1, 2010.
The agreement with the former Netherlands Antilles islands of Curaçao, Sint Maarten and the BES Islands (Bonaire, Sint Eustatius and Saba), was signed on September 10, 2010. In the islands, it covers income tax, wages tax, profit tax and surtaxes on the income and profits taxes. In the UK it covers all taxes.
The Aruba and Curaçao, Sint Maarten and BES Islands TIEAs will enter into force on the first day of the second month after the later of the two signatory governments to complete its legislative procedures has done so. In the case of Liberia, the TIEA will enter into force on the date the later of the two countries to complete its legislative procedures has done so.
To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »