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| Bermuda Concludes TIEA With Aruba |
by Phillip Morton, Investors Offshore.com
Friday, October 23, 2009
Bermuda’s Minister of Finance, Paula Cox, has announced that
Bermuda has concluded a bilateral tax agreement that provides for a full exchange
of information on criminal and civil tax matters between Bermuda and Aruba.
The tax information exchange agreement (TIEA) marks Bermuda’s eighteenth signed
TIEA and further demonstrates Bermuda’s commitment to substantially implement
the internationally agreed OECD tax standard.
Commenting on the agreement, Cox said, “It is a particular pleasure for
me to sign this document with Aruba, an overseas territory of the Netherlands,
following our signing with the Netherlands on June 8, which itself marked our
twelfth signed TIEA.”
“Our TIEA with the Netherlands satisfied the Organization for Economic
Cooperation and Development (OECD) standard and resulted in Bermuda being the
first country to ascend to the white list from the gray list. Bermuda now having
concluded a TIEA with Aruba today, and with Netherlands Antilles on September
28, draws Bermuda that much closer to the Netherlands and its overseas territories.”
Bermuda presently has agreements with the United States, the United Kingdom, Australia,
New Zealand, the Nordic Group (i.e. Denmark, Finland, Iceland, Norway and
Sweden and their associated territories), Germany,
the Netherlands, Ireland, the Netherlands Antilles, and Mexico.
Bermuda’s TIEA with Aruba includes all standard means to ensure due process
is followed in tax information requests to Bermuda, including, but not limited
to, the following provisions:
- the request must not pertain to information in
the possession or control of a person other than the taxpayer that does not
relate specifically to the tax affairs of the taxpayer;
- the information is protected
from disclosure under the laws of Bermuda on the grounds of legal professional
privilege;
- the requesting party’s request for information must be obtainable
under its own laws for the purposes of the administration or enforcement of
its tax laws or in response to a valid request from the Minister under the agreement;
-
the disclosure of the information must not be contrary to public policy; and
- the
requesting party must keep the information confidential and may not disclose
it to any unauthorized person.
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