International Tax Enforcement – Tax Information Exchange Arrangement with BermudaMonday, July 21st, 2008
The International Tax Enforcement (Bermuda) Order 2008 was made on 9 July 2008. It is the first comprehensive Tax Information Exchange Arrangement (TIEA) to be signed by the UK with an Overseas Territory and broadly follows the Model Agreement on Exchange of Information on Tax Matters that is provided by the Organisation for Economic Co-operation and Development (OECD).
The Arrangement provides for the exchange , on request, of information, irrespective of whether the conduct being investigated would constitute a crime under the laws of the UK or Bermuda. The taxes covered by the Arrangement are taxes of every kind and description currently imposed by the UK and Bermuda, and any identical or substantially similar taxes introduced in the future.
The UK previously concluded limited agreements providing for the exchange of information in relation to the taxation of income from savings with Jersey, Guernsey, the Isle of Man, Gibraltar, the Cayman Islands, the British Virgin Islands, Anguilla, the Turks & Caicos Islands, Montserrat, the Netherlands Antilles and Aruba.
This Arrangement will enter into force once both the UK and Bermuda have completed the domestic legislative procedures necessary to give effect to the Arrangement.
The International Tax Enforcement (Bermuda) Order 2008
Memorandum to the International Tax Enforcement (Bermuda) Order 2008
OECD Agreement on Exchange of Information on Tax Matter
The UK Payroll News is sponsored by HRD & Payroll Solutions