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Monaco And The Netherlands Sign TIEA

Thursday, January 14, 2010

The Netherlands government has announced that it has concluded a Tax Information Exchange Agreeement (TIEA) with the Principality of Monaco, allowing the countriesí tax authorities, upon the convention's entry into force, to request information on the tax affairs of taxpayers resident in their respective countries where there is evidence of the perpetration of fiscal crime.

The agreement was signed in The Hague on January 11 by Franck Bianchieri, Minister of Foreign Affairs and International and Financial Affairs of Monaco, and Netherlands State Secretary of Finance, Jan Kees de Jager. The agreement will enter into force after the convention is ratified by the respective governments.

De Jager noted that the Netherlands government has concluded a considerable number of TIEAs with territories placed on the Organization for Economic Cooperation and Development (OECD) "grey list" on April 2, 2009, and seeks to be at the forefront of the push for increased transparency and the exchange of tax data.

De Jager revealed that the Netherlands is in further negotiations for tax agreements with San Marino, Grenada, Dominica, Costa Rica and Panama, and expects to sign agreements with Belize and Gibraltar shortly.

Monaco is placed on the OECD "white list" of territories that have substantially implemented the agreed standard on transparency and information exchange."