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| Bermuda Signs Tax Info Exchange Agreement With Japan |
by Amanda Banks, Tax-News.com, London
Thursday, February 04, 2010
Bermuda’s Minister of Finance, Paula Cox has announced the signing of a
bilateral agreement with Japan for the full exchange of information in criminal
and civil tax matters, under an Organization for Economic Cooperation and Development (OECD) model Tax Information Exchange Agreement (TIEA) on February 1, and further announced that a text has been agreed on a another agreement with South Korea.
The signing of the agreement with Japan took place at a ceremony at the Japanese
Embassy in London on February 1. Amongst those benefits accrued for Bermuda
within the TIEA is a clause for Prohibition of Prejudicial or Restrictive Measures
and a mini Double Taxation Agreement that will provide benefits for students
and pensioners.
Cox noted that the signing of the agreement would further enhance Bermuda's
position as a territory that draws in considerable international business: "Already
approximately 20-25% of Japanese Property Cat business is placed in Bermuda,
as well as 5% of Property Pro-Rata business," she explained. "With
over 100 companies in Bermuda with Japanese interests, we see this agreement
as enhancing opportunities for further foreign direct investment between our
two countries and a great step forward in cementing the relationship between
Bermuda and Japan. Moreover, this TIEA marks Bermuda's nineteenth signed tax
information exchange agreement, further demonstrating that Bermuda is far from
complacent about our elevated position on the OECD white list and that we are
resolved, as always, to implement the internationally agreed tax standard."
David Ezekiel, Chairman of the Association of Bermuda International Companies, added: "The signing of this TIEA with Japan after months of work
and negotiation, coming on the heels of Bermuda being selected to host the 2011
OECD Global Forum, is another major step forward for Bermuda. Japan has a major
involvement in the Bermuda market by way of ownership in the International Business
sector and in trading with Bermuda-based companies. The treaty contains many
useful benefits not only for the business sector but for individuals, including
students who might be traveling to Japan for studies."
Bradley Kading, President and Executive Director of the Association of Bermuda
Insurers and Reinsurers, echoed Ezekiel's sentiments: "This TIEA
is particularly noteworthy as Japan is the world's second largest economy and
Japanese insurers have been active participants in the Bermuda market for years.
Japan has a natural interest in the hurricane and earthquake reinsurance provided
by many Bermuda companies."
Bermuda now has TIEAs with the following members of the G7: Japan, France,
Germany, the UK and the US. In addition, Bermuda has TIEAs with Australia, Ireland,
New Zealand, the Netherlands, the Nordic Group (including Denmark, Finland,
Iceland, Norway and Sweden and their associated territories the Faroe Islands
and Greenland), Netherlands Antilles and Aruba, and Mexico.
According to the Bermudian government, the TIEA and Protocol with Japan includes all standard means to ensure due process is followed in tax information
requests to Bermuda. These include provisions to protect the confidentiality of information provided, as well as adhering to
public policy, provisions related to protecting legal privilege, and anti-fishing provisions to ensure that requests for information from
Japan are relevant to ongoing tax investigations being conducted by Japanese authorities.
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