Tuesday, April 6, 2010
The government of the United Kingdom has announced the signing of two agreements for the exchange of tax information.
The Tax Information Exchange Agreements (TIEAs), with Grenada and Dominica are based on the Organization for Economic Cooperation and Development model convention, which introduces provisions that adhere to the internationally-agreed standard on transparency and information exchange. The agreements will provide the UK with access to tax information pertaining to the tax affairs in these two territories of resident taxpayers.
The agreements were signed in a ceremony in London on March 31 by Stephen Timms, the UK Financial Secretary to the Treasury, and by Ruth Elizabeth Rouse, Grenada’s High Commissioner and her counterpart from Dominica, Agnes Adonis.
When the agreements are ratified by the signatory governments, and enter into force, they will allow the governments to request information about funds held in banks and other financial institutions, and trusts.