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| Indonesia, Bermuda Sign TIEA |
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, June 28, 2011
Bermuda’s Premier Paula Cox and the Indonesian Ambassador for the UK
and Northern Ireland, Yuri Octavian Thamrin, have signed a bilateral tax information
exchange agreement (TIEA) in Indonesia’s London Embassy.
At the signing ceremony of the TIEA, Bermuda’s 25th, Premier Cox noted
the significance of the agreement with Indonesia. “The signing of our
newest TIEA helps solidify our relationship with an economy that is important
to the global financial system,” she said. “Indonesia is a member
of the G20 in the Asia Pacific region, the world's third-largest democracy,
and home to the world's largest Muslim population."
“Bermuda continues to strengthen its position as a domicile for the Sharia
compliant international financial services industry, such as Re-takaful (re-insurance),
mutual fund and trust business,” she added. “We consider Indonesia
as a key strategic relationship that Bermuda is keen to foster. Resultantly,
Bermuda works closely with Indonesia in international cooperation through the
internationally agreed tax standard in which TIEAs are an important part.”
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 and to exchange information on a wider range of taxes.
Its signing follows a recent indication from the Indonesian government that
it is looking to negotiate additional TIEAs this year with a number of jurisdictions,
in order to obtain further details of offshore funds held by Indonesian taxpayers.
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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