New tax information exchange agreements
New legislation relating to tax information exchange agreements (TIEAs) has recently been published.
The legislation relates to TIEAs with the following five countries:
- Turks and Caicos Islands
The TIEAs will allow for the exchange of information in line with the OECD’s model and international tax standards. The TIEAs have been drafted to allow for the exchange of information necessary to prevent fraud and to ensure that the right amount of tax is paid in each country. TIEAs assist in improving the efficiency of tax information exchange and help to ensure that the international consensus on fiscal transparency and exchange of information is met.
The TIEAs will take effect once each party to the agreements have finalised their respective legislative procedures needed to give the arrangement the force of law.