Bermuda To Sign TIEA With China
Tomorrow, the Premier and Minister of Finance Paula Cox will sign a Tax Information Exchange Agreement (TIEA) with the Peoples Republic of China.
This will be the third such treaty signed in Bermuda, after TIEAs with Canada and Portugal were signed earlier this year.
To date Bermuda has signed a total of 23 Agreements (22 TIEAs and one Double Taxation Agreement with the Kingdom of Bahrain).
What is all the fanfare about!
We had to sign this!
The only thing to come out of this is that China will get to see what the Bermuda companies are up to (680 of them). Is this likely to bring more business to Bermuda or perhaps some of the 680 companies might leave? which is the most likely?
Wake up Bermuda!