Bermuda and the Czech Republic sign Tax Information Exchange Agreement

By added on 18/08/2011

Bermuda’s Premier and Minister of Finance the Hon. Paula A. Cox has announced the signing of a bilateral Tax Information Exchange Agreement, (TIEA), between Bermuda and the Czech Republic, reports EON news.

The agreement, which was signed for the Czech Republic by the Hon. Ladislav Mincic, First Deputy Minister of the Czech Ministry of Finance and by Premier Cox for Bermuda, provides for a full exchange of information on criminal and civil tax matters between the two countries and includes provisions to protect the confidentiality of information provided, as well as adhering to public policy and provisions related to protecting legal privilege. It ensures that requests for information from the Czech Republic are relevant to tax investigations being conducted by Czech Republic authorities. Completion of the agreement negotiations was announced in February of this year.

Commenting on the signing, Premier Cox said she was delighted the treaty between Bermuda and the Czech Republic had been finalized. “It enhances Bermuda’s strategic relationship with the EU. The Presidency of the EU revolves and it follows that the Czech Republic will again have the presidency of the EU in addition to its constant representation at the EU Parliament.”

Premier Cox said, the agreement establishes the Czech Republic as the 11th member of the EU to have a TIEA with Bermuda and was the 26th signed agreement for exchange of information for tax purposes. Several TIEA’s with further members of the EU are waiting for those countries to ready themselves to sign, the negotiations having been completed some time ago.

“We welcome the signing with the Czech Republic as another opportunity to emphasize that Bermuda’s business model is a positive and well balanced component of the global financial system committed to international cooperation to prevent illegal activity such as breaking any country’s tax law and simultaneously fostering legitimate global trade and doing our part to return the global financial system to full strength.”

“Bermuda looks forward to building upon the treaty relationship which had been established with the Czech Republic. We will work to enhance our strategic relations with the Czech’s and with EU members and so create a better understanding of Bermuda and our positive role in global finance,” she said.