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| Bermuda, Malta Conclude TIEA |
by Amanda Banks, Tax-News.com, London
Monday, November 28, 2011
The Bermuda government has welcomed the signing of a landmark Tax Information Exchange Agreement (TIEA) with Malta, which will establish a legal platform to allow the respective countries to exchange information in tax matters on request.
The TIEA was signed in London,
by Joseph Zammit Tabona, the High Commissioner for Malta, and by Bermuda's Premier,
Paula Cox.
The TIEA which provides for a full exchange of information between the two
countries marks Bermuda’s 30th Agreement for the exchange of information
on tax matters.
Commenting, Cox said: "The value of signing this, our newest TIEA, is
a protective and pre-emptive measure to strengthen Bermuda’s position
so we are exempt from harsher more punitive future legislative measures. It
helps solidify our relationship with the European Union and marks [our] 12th
Tax Information Exchange Agreement with an EU member state.”
"As with the others it includes
all standard means to ensure due process is followed in tax information requests
to Bermuda, including, for example, provisions to protect the confidentiality
of information provided under the TIEA. The TIEA will also adhere to public
policy considerations and provisions related to protecting legal privilege,"
she said.
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