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TCI reaches internationally agreed standard for the exchange of tax information
Dec 19, 2009 (Turks and Caicos Net News - McClatchy-Tribune Information Services via COMTEX) --
The Interim Government confirmed on Wednesday that the Turks and Caicos Islands have now reached the OECD's internationally agreed standard for the exchange of tax information, and will move from the OECD's 'grey list' to the 'white list'.
Last week, Governor Gordon Wetherell -- who has been in London attending the Overseas Territories Consultative Council -- signed a Tax Information Exchange Agreement (TIEA) with New Zealand, to bring the TCI's total to six.
The Governor on Wednesday joined the Norwegian Ambassador in Paris to sign a further six TIEAs with Nordic Alliance countries, which the Ambassador was representing: Norway, the Faroe Islands, Finland, Greenland, Iceland, and Sweden.
Together with the TIEAs already signed -- United Kingdom, Ireland, Netherlands, Denmark and France -- this brings the TCI's total to twelve: the minimum needed to qualify for joining the OECD's 'white list'.
According to the Interim Government, inclusion on the OECD's 'white list' will represent a major endorsement of the Turks and Caicos Islands as a transparent financial centre. It will enhance the country's reputation and confidence in its future with the international business community.
Work will now continue to build on this milestone to take the country well above the current OECD minimum. TIEAs have already been agreed with Australia, Canada, Germany and Mexico and these should be signed in the New Year. Negotiations with other jurisdictions are reportedly progressing well.
To see more of the Turks and Caicos Net News or to subscribe to the newspaper,
go to http://www.tcinetnews.com/. Copyright (c) 2009, Turks and Caicos Net News,
Grand Cayman, Cayman Islands Distributed by McClatchy-Tribune Information
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