Bermuda signs TIEA with Singapore

By added on 30/10/2012

Today the Ministry of Finance announced the signing of a Tax Information Exchange Agreement [TIEA] with the Republic of Singapore. The signing took place at the Singapore High Commission in London, reports Bernews.

This TIEA solidifies Bermuda’s relationship within the Asian South Eastern Pacific region and allows for greater diversification of Bermuda’s international business sector as Bermuda now has tax agreements with the Republic of Singapore, Malaysia, and Indonesia and marks the 37th tax agreement. Signing on behalf of the Premier Paula Cox, was Assistant Financial Secretary of Treaties Wayne Brown.

Mr. Brown said in his remarks today, “On behalf of the Premier and Minister of Finance Paula A. Cox JP,MP, I extend best wishes and thanks to High Commissioner your Excellency T. Jasudasen for inviting Bermuda to sign a TIEA with the Republic of Singapore.

“Your Excellency as you would be aware Bermuda and the Republic of Singapore has always enjoyed a solid economic relationship as there are natural synergies between the two island states in that our size, location, and regulatory framework allow us rapid access to international markets. As such, one of our key industry stakeholders known as Business Bermuda recently conducted a survey that named Singapore as Bermuda’s leading Asian economic partner driven by shipping and the insurance sectors and we look forward to strengthening that relationship.

“The signing of this Tax Information Exchange Agreement (TIEA) allows Bermuda to utilize this opportunity to officially recognize our partnership within the International Business community and publically demonstrate our shared commitment to implementing the Global Forum on Exchange Information for Tax Purposes’ internationally agreed tax standard, exchange of information by request, of which Bermuda is one of the vice chairs.”

The President and Executive Director of the Association of Bermuda Insurers and Reinsurers Brad Kading, praised the Bermuda Government for completing the TIEA with Singapore saying today, “Singapore is the new hub for building our Asian market insurance operations and as such it is very important to have cooperative measures in place between our two governments. Asia includes the biggest growth economies for the 21st century. Nine ABIR members have operations in Singapore today and more are intent on investigating market opportunities. Regulatory and tax cooperation agreements should be mutually beneficial to the jurisdictions and ABIR members alike.”