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Bahamas signs 11th tax information exchange agreement

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The Bahamas has signed its 11th tax information exchange agreement and has initialled nine additional agreements in advance of the G20 31 March deadline to meet the internationally agreed tax standard.

TIEA negotiations between The Bahamas and Mexico were concluded with the signing of the agreement on 23 February.

The Bahamas expects its 12th TIEA in the coming weeks.

TIEA negotiations have been successfully concluded with Germany, Canada, Spain, Australia, South Africa, South Korea and the seven Nordic countries: Norway, Sweden, Finland, Denmark, Iceland, Greenland and Faroe Islands.

Signature on agreements with these countries will follow the completion of the relevant internal procedures required for the signing of treaty instruments. These internal procedures, which have been fast tracked by some countries, include the added requirement of translating the agreement into relevant native languages.

The Bahamas previously has signed agreements with the US, Great Britain and Northern Ireland, China, France, New Zealand, Argentina, Belgium, the Netherlands, Monaco and San Marino.

The TIEA with Mexico is the sixth agreement concluded by The Bahamas with a member of the G20 and the seventh such arrangement entered into with an OECD member.

Wendy Warren, chief executive and executive director of The Bahamas Financial Services Board, says: “By meeting the OECD standard the government has demonstrated that it intends to ensure The Bahamas remains a well regulated jurisdiction which meets evolving standards for offering international financial services.

“At the same time clients can be assured that The Bahamas will only exchange information on agreed and transparent protocols. Legislative and administrative regimes in The Bahamas have, and will continue to have, respect for the privacy of our clients and will preserve banking confidentiality.”

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