Offshore News: September 2010

10.09.2010: The Netherlands Ministry for Foreign Affairs announced the signing of two Tax Information Exchange Agreements (TIEAs) with the Caribbean jurisdictions of Aruba, and Antigua and Barbuda.
The agreements are based on the Organisation for Economic Cooperation and Development's (OECD's) Model Agreement incorporating standards with respect to transparency and tax information exchange. They provide the territories' tax authorities with tax information upon request in civil and criminal tax matters.
Both Aruba and Antigua and Barbuda have demonstrated their commitment to the OECD standard, and have since been removed from the OECD grey list, initially published on April 1, 2009, and included on the OECD white list.

18.09.2010: The European Commission has announced new rules to enhance and improve the safety performance of ships. A new online register to 'name and shame' shipping companies, and their respective shipping registry, that perform poorly in safety inspections is to be included in the plans, with those with strong safety records, conversely, being publicly praised.
The European Commission explained in a statement on September 13 that “port state controls are crucial for preventing shipping disasters and the tragic loss of life and huge environmental damage that can result. Companies and states which show up as poorly performing will be subject to more intensive, co-ordinated inspections in EU ports. Manufacturers or other industries will be able to choose the shipping companies they use for freight or passengers in full knowledge of their safety record. This will put more impetus on countries’ ship registries to ensure high levels of compliance, among their registrants, with safety standards."