UK – Dominica and Grenada Tax agreements
New draft legislation together with explanatory memoranda has been published in relation to the double taxation agreements between the UK and Dominica and Grenada. The UK signed new tax information exchange agreements (TIEA) with Dominica and Grenada back in March 2010.
The new TIEA’s will allow for the exchange of information in line with the OECD’s model and international tax standards. The TIEAs are 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’s will take force once the UK, Dominica and Grenada have finalised their respective legislative procedures.