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| Bermuda, South Africa Sign TIEA |
by Lorys Charalambous, Tax-News.com, Cyprus
Wednesday, September 07, 2011
A tax information exchange agreement (TIEA) between their two countries was
signed on September 6 by Bermuda’s Premier, Paula Cox, after it had been
signed in South Africa by the Minister of Finance, Pravin Gordhan, and then
couriered to Bermuda for signature.
Incorporating the internationally-agreed Organization for Economic Cooperation
and Development standard for the exchange of information upon request, the agreement
will give the tax authorities of both countries a greater ability to exchange
taxpayer information. Under the terms of a TIEA, the signatories will be able,
on request, to exchange bank and other information relating to tax matters.
In a statement on the website of Bermuda's ruling party, the PLP, Cox said
that “in the Joint Declaration (by the two governments), the government
of South Africa welcomes Bermuda as a member of the community of nations committed
to international cooperation and information exchange on tax matters, and affirms
that Bermuda will be treated accordingly by the South African authorities.”
“Following the entry into force of this agreement,” she added,
“South Africa and Bermuda will continue to examine what further measures
can be adopted to further enhance our political and economic relationship, including
further clarification of elements of double taxation, discrimination and other
undesired tax barriers, investment protection and mutual recognition of our
stock exchanges.”
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report2.asp
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