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| South Africa And Bermuda Conclude TIEA |
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, March 23, 2010
Bermuda’s Finance Minister, Paula Cox, has disclosed that South Africa
and Bermuda have concluded negotiations on a tax information exchange agreement
(TIEA) between the two countries, incorporating the Organisation for Economic
Co-operation and Development (OECD) standard.
It is Bermuda’s 19th TIEA, and the first time it has concluded such an agreement with a country
in Africa. In a ministerial parliamentary statement, Cox said that the
TIEA “will, upon signing sometime later this year, provide for a full
exchange of information on criminal and civil tax matters between the two countries.”
The TIEA will give the tax authorities of each country an ability to exchange
taxpayer information over all taxes imposed by each party. It will provide that
neither tax authority can refuse to provide information solely because it does
not require the information for its own domestic purposes, or because the information
is held by a bank or similar institution.
Cox added that: “South Africa and Bermuda, through the goodwill
created by concluding the TIEA negotiations, are committed to adopting measures
to further enhance our political and economic relationship, including further
clarification of elements of double taxation, discrimination and other undesired
tax barriers, and investment protection.”
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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