Thursday, September 24, 2009
St Kitts and Nevis’ government has announced the signing of its first convention for the avoidance of double taxation and fiscal evasion with respect to taxes, signed with Monaco.
The agreement was signed by St Kitts and Nevis' Prime Minister Denzil Douglas and Monaco’s Ambassador to the United States, Gilles Noghes.
“The signing between St Kitts and Nevis and Monaco is the first Double Taxation Treaty that we have signed with another country, in a step to ensuring that the financial services sector reaches the highest standard set by the international community,” said Douglas, adding that over the last several months, St Kitts and Nevis has been actively engaged in ensuring that the financial services sector is properly regulated, properly supervised and thus adheres to international standards.
The agreement contains provisions for the exchange of information in tax matters in compliance with the OECD standard on transparency and information exchange.
The territory must sign at least 12 agreements containing the internationally agreed standard in order to gain a place on the OECD’s "white list" of territories that have substantially implemented the standard.