Tax agreement Aruba with Bermuda

October 27, 2009 5:58 AM

ORANJESTAD/HAMILTON — Bermuda has signed a bilateral tax agreement with Aruba yesterday. This so-called Tax Information Exchange Agreement (TIEA) provides for a complete exchange of information on criminal and civil tax matters between the two islands.

Bermuda’s Minister of Finances Paula Cox had announced that she was ‘extremely pleased’ with the signing of the TIEA with Aruba. “The signing of a tax treaty with the Netherlands on June 8th, of a treaty with the Netherlands Antilles on September 28th, and now of an agreement with Aruba, brings Bermuda a step closer to the Netherlands and their overseas territories”, the Minister informed the news agency Reuters.

TIEA’s have been signed with the Netherlands, the Netherlands Antilles, the United States, Spain, Australia, Norway, Denmark, Finland, Sweden, Greenland, Iceland, Faroe Islands, Saint Vincent and the Grenadines, the British Virgin Islands, and St. Kitts and Nevis.
Meanwhile, draft agreements have been signed with France, Belgium and Germany and are expected to be concluded within short. These tax agreements ensure that Aruba will be removed from the ‘grey list’ of the Organization for Economical Cooperation and Development (OESO) and therefore no longer be considered a tax paradise. In conformity with the OESO-standards, a land must have signed at least twelve bilateral tax treaties in order to be removed from the grey list of tax paradises.

(Source: National Newspaper Amigoe)

21 October 2009