Bermuda and Ireland sign deal

By added on 31/07/2009

Bermuda has become yet another offshore tax haven this week to sign a Tax Information Exchange Agreement (TIEA) with Ireland, closing off another bolt-hole for tax evaders.

Ireland has signed, following the signing of agreements with the Isle of Man, Guernsey, Jersey, the Cayman Islands, Gibraltar, Anguilla, and the Turks and Caicos Islands.

The agreement between Ireland and Bermuda was signed by finance minister Brian Lenihan and his counterpart in Bermuda, Paula Cox.

Commenting on the signing, the Minister for Finance, Brian Lenihan said: "I am very pleased to be able to sign this Tax Information Exchange Information with Bermuda. I welcome the commitment of Bermuda to implement the OECD standards of transparency and exchange of information in tax matters and their willingness to enter into tax information exchange agreements.

According to Lenihan, the signing of this agreement represents a "new chapter in relations between Ireland and Bermuda."

One of the most recent companies to defect from Bermuda was Ingersoll-Rand, which moved its HQ to Dublin. Accenture has also done the same. They're concerned about impending rules in the US on tax on overseas profits.