Australia Signs Eight Tax Agreements

April 7, 2010 International Tax CooperationTaxation in AustraliaTaxation in BahamasTaxation in Cayman IslandsTaxation in MonacoTaxation in Turks & Caicos Islands

Sydney Opera House by nightThe Australian Government has signed eight new bilateral Tax Information Exchange Agreements (TIEA) in a concentrated effort to enhance global tax transparency and reduce offshore tax evasion.

On April 6th-7th Senator Nick Sherry, Assistant Treasurer of Australia, announced the signing of TIEA agreements with The Cayman Islands, The Bahamas, Belize, Dominica, Grenada, Saint Lucia, Monaco, and the Turks and Caicos Islands. With the signing ceremonies complete, the TIEAs will be implemented upon the completion of legal ratification by both signatories. The new agreements raise Australia’s TIEA total to 22.

Explaining Australia’s pursuit to expand its TIEA network, Nick Sherry said, “As Chair of the Global Forum on Transparency and Exchange of Information, Australia is playing a leading role in the international effort to combat harmful tax competition.” Australia is currently participating in peer-review process sanctioned by Organization for Economic Cooperation and Development (OECD) which is aimed at gauging the progress and effectiveness of international efforts to implement previously signed TIEAs.

The documents for all of Australia’s TIEA agreements can be found on the Australian Treasury website.

Photo by Pascal Vuylsteker