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A new tax information exchange arrangement (TIEA) between the United Kingdom and Bermuda was signed in London on 4 December 2007. TIEAs allow governments to enforce their domestic tax laws by exchanging, on request, information relevant to a tax matter covered by the arrangements. The new TIEA between the UK and Bermuda is the first comprehensive agreement to be signed by the UK and covers both direct and indirect tax matters. This follows the OECD Model Agreement on Exchange of Information on Tax Matters. Previously, the UK has concluded limited agreements providing for the exchange of information in relation to the taxation of income from savings with Jersey, Guernsey, the Isle of Man, Gibraltar, the Cayman Islands, the British Virgin Islands, Anguilla, the Turks & Caicos Islands, Montserrat, the Netherlands Antilles and Aruba. Bermuda already has TIEAs in force with the United States and Australia. Welcoming signature, the Financial Secretary to the Treasury, the Rt. Hon Jane Kennedy MP said: "these new arrangements represent a significant step in our efforts to counter and prevent tax evasion and avoidance. I commend the Government of Bermuda for its willingness to implement the high standards of transparency and exchange of information to which it is committed and for its continuing leadership in this important global tax policy area." The arrangement will enter into force in 12 months time, provided both countries have completed their legislative procedures to give effect to the arrangement. Link Exchange of letters between the UK and Bermuda concerning a TIEA
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Tuesday, 04 December 2007 | 1284 Hits |
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