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| Bermuda, Czech Republic Ink TIEA |
by Amanda Banks, Tax-News.com, London
Thursday, August 18, 2011
A tax information exchange agreement (TIEA) has been signed between Bermuda and the Czech Republic following the internationally-agreed standard.
The TIEA was inked by Bermuda's Premier, Paula Cox, and the first Deputy
Minister of the Czech Republic Ladislav Mincic on August 15. This TIEA provides
for a full exchange of information on civil and criminal tax matters and includes
safeguards for taxpayers and confidentiality provisions in accordance with
the standard Organization for Economic Cooperation and Development model TIEA.
According to Bermuda's ruling party, the PLP, signing TIEAs sends a message
that Bermuda is open for business and committed to transparency. Commenting
on the Czech Republic's position within the European Union (EU), Cox said that
she believes the TIEA will enhance Bermuda's strategic relations with those
EU members who "better understand Bermuda" and its "positive
role in global finance". Cox added that the Czech TIEA takes Bermuda a
step closer to achieving the strategic objective of establishing TIEA relationships
with key members of the EU.
Cox concluded: "We welcome the signing of the TIEA today as another opportunity
to emphasize that Bermuda’s business model is a positive and well balanced
component of the Global Financial system committed to international cooperation
to prevent illegal activity such as breaking any country’s tax law and
simultaneously fostering legitimate global trade doing our part to return the
global financial system to full strength. I look forward to building upon the
treaty relationship established today with the Czech Republic."
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