UK & Bahamas tax info exchange agreement
A new Tax Information Exchange Agreement (TIEA) between the UK and the Bahamas that was signed in Nassau in October 2009 entered into force on 7 January 2011.
The TIEA allows for the exchange of information in line with the OECD’s model and international tax standards. The TIEA is 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.
The TIEA will take force for tax years beginning on or after the 7 January 2011 in both the UK and the Bahamas. The TIEA with the UK is just one of a number of agreements that the Bahamas is in the process of entering into with other OECD countries.