Bermuda Finish TIEA Negotiations With China
Finance Minister Paula Cox announced conclusion of negotiations on a Tax Information Exchange Agreement [TIEA] with the People’s Republic of China. China is one of the world’s largest economies, and currently, there are 680 entities in Bermuda with Chinese interest.
Minister Cox stated:
This agreement is a significant step forward in Bermuda and the People’s Republic of China’s mutual commitment to work to develop a multi-faceted relationship that will benefit every Ministry of our respective governments and thereby the people of Bermuda as well.
In the negotiation of this TIEA a framework was established to work towards deepening economic and commercial relations between our two jurisdictions and in facilitating our outreach to other markets within Asia.
China is a leading member of the G20 and an important player at the United Nations.
The TIEA’s direct benefit will be to serve to place Bermuda in a better position in the event China implements punitive laws in support of the G20 initiative against uncooperative jurisdictions in the tax cooperation area.
The TIEA agreements serve to facilitate for a full exchange of information on criminal and civil tax matters between countries.
Below are documents of previous nations that Bermuda has signed TIEA agreements with are [The links below will open a PDF file of the actual agreement.]
- Japan – Bermuda (1 February 2010)
- Aruba – Bermuda (20 October 2009)
- Mexico – Bermuda (15 October 2009)
- France – Bermuda (8 October 2009)
- Bermuda – Netherlands Antilles (28 Sept 2009)
- Bermuda – Ireland (28 July 2009)
- Germany – Bermuda (3 July 2009)
- The Netherlands – Bermuda (8 June 2009)
- New Zealand – Bermuda (17 April 2009)
- Denmark – Bermuda (16 April 2009)
- Faroes – Bermuda (16 April 2009)
- Finland – Bermuda (16 April 2009)
- Greenland – Bermuda (16 April 2009)
- Iceland – Bermuda (16 April 2009)
- Norway – Bermuda (16 April 2009)
- Sweden – Bermuda (16 April 2009)
- Bermuda – United Kingdom (4 December 2007)
- Australia – Bermuda (15 November 2005)
- Bermuda signed with South Africa in March 2010 (link to article)
