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UK Signs TIEA With Liberia

by Amanda Banks, Tax-News.com, London

04 November 2010


The UK tax authority, HM Revenue and Customs (HMRC) has announced the signing of a Tax Information Exchange Agreement (TIEA) with Liberia.

The TIEA was signed on November 1 by the UK Exchequer Secretary to the Treasury, David Gauke, and for Liberia by its resident ambassador in London, Wesley Johnson. The agreement covers all taxes.

The pact conforms to the Organization for Economic and Cooperation Development (OECD) model agreement, and will provide the respective countries’ tax authorities with access to information relating to residents from either country on request.

According to information provided by the OECD, Liberia, aside from the agreement with the UK, has only concluded one other such agreement, with the Netherlands on May 27, 2010.

The agreement requires ratification by both countries’ legislative bodies before it can enter into force.

TAGS: compliance | tax | offshore confidentiality | tax information exchange agreement (TIEA) | tax compliance | Liberia | tax avoidance | law | international financial centres (IFC) | United Kingdom | offshore | regulation

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