Offshore News: January 2010

05.01.2010 The Bahamas government announced that it expects to be recognized by the OECD as a territory that has concluded the 12 agreements by the deadline set by the G20 summit.
Currently, the Bahamas has concluded Tax Information Exchange Agreements (TIEAs) with 23 countries. It has signed 10 TIEAs with the United States, Monaco, San Marino, the United Kingdom, New Zealand, the Netherlands, China, Argentina, Belgium and France. The jurisdiction has also achieved negotiations for further agreements, which have not yet been ratified, with Germany, Canada, Spain, Mexico, Australia, South Africa, South Korea, and the seven Nordic countries.
The Bahamas government is actively participating in discussions on the regulations of international financial services. In September 2009, the jurisdiction has become the member to the OECD Peer Review Group, which is responsible for monitoring progress of the implementation of tax information exchange standards among the members of the OECD Global Forum.

23.01.2010: The UK tax authority, HM Revenue and Customs (HMRC) announced the signing of tax information exchange agreements (TIEAs) with Organization of Eastern Caribbean States territories Antigua and Barbuda, St Kitts and Nevis, and St Lucia. The signatories of the agreements were the UK Financial Secretary to the Treasury and the High Commissioners of the respective territories.
The TIEAs are based on the OECD model treaty and provide for comprehensive exchange of information in respect of taxes of every kind.