Friday, July 24, 2009
Ambassador of Ireland to the United Kingdom, Bobby McDonagh, signed Tax Information Exchange Agreements with Anguilla and the Turks and Caicos Islands on behalf of Ireland, in London on July 22, 2009.
In a statement Irish Revenue welcomed the commitment of both Anguilla and the Turks and Caicos Islands to enter into agreements implementing the OECD standard of transparency and exchange of information in tax matters. It further noted that the signing marked a new chapter in relations between Ireland and both jurisdictions.
The Tax Information Exchange Agreements (TIEAs) are based on a model agreement developed by the Organisation for Economic Co-operation and Development (OECD). They will allow the Revenue Commissioners to request information from their counterparts in both Anguilla and the Turks and Caicos Islands that is relevant to an Irish tax investigation. Such information would typically relate to bank accounts or the beneficial ownership of companies or trusts. Likewise, Anguilla and the Turks and Caicos Islands authorities may request the Revenue Commissioners to obtain and provide information of relevance to their tax investigations.
Ireland has recently signed TIEAs with the Cayman Islands, Isle of Man, Jersey, Guernsey and Gibraltar.