Bermuda Signs Tax Information Agreement with Ireland
Bermuda’s Minister of Finance Paula Cox has announced that Bermuda signed a bilateral agreement, the Tax Information Exchange Agreement (TIEA), with Ireland that provides for a full exchange of information on criminal and civil tax matters between the two countries. The TIEA marks a step forward in cementing the relationship between the two countries.
Minister Cox thanked Ireland’s Minister of Finance, Brian Lenihan, for making every effort to sign with Bermuda so quickly especially given the importance that the OECD attaches to the number of TIEAs signed by each country.
She said: “This marks Bermuda’s 14th signed TIEA and demonstrates, once again, that we are far from complacent about our current standing on the OECD white list, nor about reaching the internationally agreed standard of 12 signed TIEAs set at the 2 April meeting of the G20, or the original OECD standard of 12 signed TIEAs with members of the OECD which we undertook to complete prior to the 2009 Global Forum scheduled to meet in Mexico on 1 September 2009. I am extremely pleased to note that prior to this important forum, Bermuda has met both versions of the OECD standard.”
In addition to its agreements with the US, UK, Australia, New Zealand, the Nordic Group, Netherlands, Germany and Ireland, Bermuda has concluded negotiations with a number of other countries with whom signing dates are being arranged for the very near future as they conclude their ratification processes.