Bermuda Signs TIEA With Indonesia

June 22, 2011

Earlier today [June 22] Premier Cox signed a Tax Information Exchange Agreement [TIEA] with the the Republic of Indonesia, marking Bermuda’s 25th TIEA with the Republic of Indonesia.

Pictured below: Premier Paula Cox and the Ambassador of the Republic of Indonesia for the UK and Northern Ireland, His Excellency Yuri Octavian Thamrin sign the TIEA:

Premier Cox - Indonesia TIEA Signing

Premier Cox said, “The TIEA provides for a full exchange of information on criminal and civil tax matters between our countries.This TIEA with Indonesia marks Bermuda’s 25th agreement for the exchange of information on tax matters.

“Negotiations took place in Bermuda one year ago at Bermuda’s Ministry of Finance and I am delighted today that the good will created by our respective negotiating teams is solidified by Bermuda and the Republic of Indonesia signing the TIEA at your Embassy.”

“The signing of our newest TIEA helps solidify our relationship with an economy that is important to the global financial system. The Republic of Indonesia is a member of the G20 in the Asia Pacific region, the world’s third-largest democracy, the world’s largest archipelagic state and home to the world’s largest Muslim population.”

“Bermuda continues to strengthen its position as a domicile for the sharia compliant international financial services industry such as Re-takaful (re-insurance), Mutual Fund and Trust business.”

“We consider the Republic of Indonesia as a key strategic relationship that Bermuda is keen to foster. Resultantly Bermuda works closely with the Republic of Indonesia in international cooperation through the internationally agreed tax standard in which TIEAs are an important part.”

“Our country is fresh from its very successful hosting of the Global Forum on Transparency and Exchange of Information on Tax Matters on May 31 – June 1, 2011. The Bermuda meeting outcomes met objectives and is available on the Global Forum pages within the OECD website.”

“As the only small jurisdiction at the Vice Chair level on the Global Forum Steering Group Bermuda speaks to the perspective of small jurisdictions within the Steering Group leadership. We were among the first to volunteer to be peer assessed and our assessment result showed all elements in place, with some recommendations.”

“Following the April 2, 2009 G20 meeting in London, Bermuda was the first jurisdiction to reach 12 signed TIEAs and ascend to the White List.”

“Such success, clearly reveals to World tax officials that Bermuda has earned its reputation as a blue chip, international, financial center that carries out best practice to deter illegal activity against any country’s tax system.
Mr. Ambassador, it is therefore, truly a pleasure today to expand our TIEA network to your region and to continue our working relationship with Indonesia in the Global Forum.”

“I am pleased to add this 25th TIEA to Bermuda’s TIEA network. As with the others it includes all standard means to ensure due process is followed in tax information requests to Bermuda, including, for example, and of equal importance to Indonesia, provisions to protect the confidentiality of information provided under the TIEA.The TIEA will also adhere to public policy considerations and provisions related to protecting legal privilege,” said the Premier.

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Comments (4)

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  1. Persia Monet says:

    Great to see Premier Cox keeping Bermuda on the International platform!

  2. Observing the Week says:

    After careful study of the TIEA’s that we have been signing, apparently they are a waste of time and effort. At first I thought it was the right step foward, but in reality the only thing these TIEA appease is the OCED the FATF, and the USA. Just becuase the USA (OBAMA and Clinton) administration, FRANCE and GERMANY, are losing there GDP to so-called tax havens, they feel that so-called tax havens need to disclose information to level their playing field. If one research, the tactic is to put a stop to not money laundering, terrorist financing and ect, but to curve the way distribute our tax structure. In reality Bermuda has one of the best tax structure, to combat all of the implications, and we by far are in line with internatioanl standards, before all this tax haven, black/grey/and white list came about.

  3. 32n64w says:

    So what tangible, economic benefits will Bermuda receive from this TIEA or will it be another one-sided affair like 22 of the other 24 agreements?

  4. Liars says:

    These tax agreements(or information sharing) are to me, a very bad idea. The ubp stood strong with these bullies. The PLP seem to want to share all of our business secrets with the mass’s so eventually they will know our game. Do you not think they want our business too? Ofcourse they do, its billions of dollars in tax revenues and general expenses into our economy.
    You have to ask yourself why are we sending Paula cox to all these countries to represent our interest’. And why since all of this has been going on, we are losing business and our economy is in the hole when really we should have been ammune to all of this do to our massive international business sector that has been comming here since Life Savers in the early 1900′s. All the billions of dollars and no money for us? Seems like someone(or some entity) is doing all of this on purpose to “start the clocks again” for our country. When now is not the time to play economic empowerment games that clearly are not working, except for those close to the top.
    I have not had one Government job since 2007 when we used to get lots of work for the government. This was when things were a little more transparent as they are now. I don’t see too many open bids, however when l do, l spent lots of time bidding and in the end, don’t even get a phonecall or a e-mail saying thanks for your time and energy. I Usually ask what the winning bid was so l can be more competetive, yet never get a responce. This to me is nepotism.