The United Kingdom and the Turks & Caicos Islands have signed a Tax Information Exchange Agreement (TIEA) on the 21st of July.
The TIEA was signed in a London ceremony at the Commonwealth Office by Andrew Allen, the Acting Director Overseas Territories Directorate Foreign and Commonwealth Office, and The Honourable Royal Robinson, Deputy Premier and Minister for Health and Finance of the Turks and Caicos Islands.
The Tax Information exchange Agreement creates a means by which an extensive range of information can be requested by a government from the corresponding signing government. The agreement is based on the TIEA forms created by the OECD Global Forum Working Group on Effective Exchange of Information (“the Working Group”). They aim to promote harmonious international co-operation on tax matters through information exchange.
Before the TIEA can come into effect they first have to be ratified by both Governments. The UK side of the agreement is already Schedule to a draft Order in Council for consideration by the House of Commons. Similar steps have been taken by the Turks & Caicos Islands government, who signed TIEAs with the Netherlands and Ireland on the same day. This is the eighth TIEA for the United Kingdom, and the first for Turks & Caicos Islands.
The agreement is available on the HM Revenue & Customs website, here.
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