UK Signs TIEA With Netherlands Antilles
Tuesday, September 21, 2010
The UK government announced on September 17 that it had signed a Tax Information
Exchange Agreement (TIEA) with the Netherlands Antilles.
The TIEA will cover all islands, and will allow
the UK tax authority, HM Revenue and Customs (HMRC), to obtain data from the Netherlands Antilles relating to:
- The income tax (inkomstenbelasting);
- The wages tax (loonbelasting);
- The profit tax (winstbelasting); and
- The surtaxes on the income and profit tax (opcenten op de inkomsten - en
The agreement, based on the OECD model agreement, will allow the UK tax authority
to request tax information - to be transmitted confidentially - to aid in civil
tax matters, and in the investigation of fiscal crime where there is evidence
of the perpetration of such.
The agreement extends to all those involved in financial services in the Netherlands
Antilles, including "banks, other financial institutions, and any person acting
in an agency or fiduciary capacity including nominees and trustees". In addition,
under the terms of the agreement, HMRC can seek information relating to "the
ownership of companies, partnerships, trusts, foundations, 'Anstalten'
and other persons; in the case of trusts, information on settlors, trustees
and beneficiaries; and in the case of foundations, information on founders, members
of the foundation council and beneficiaries; and equivalent information in the
case of entities that are neither trusts nor foundations".
The agreement works on a reciprocal basis, thereby allowing the Netherlands
Antilles’ competent authorities to request information relating to UK taxpayers
with ties to the Antilles to facilitate in the administration of tax.
The agreement, signed on September 10, will enter into force following the conclusion of both parties’ individual ratification procedures.