An agreement for the exchange of tax information between the Bahamas and Japan, for the purpose of the prevention of fiscal evasion, and also - uniquely - for the allocation of the countries’ taxing rights with respect to individuals’ income, was signed on January 27, 2011.
The agreement, signed by the Bahamas Deputy Prime Minister and Minister of Foreign Affairs, Brent Symonette, and by Hiroshi Yamaguchi, the Japanese Ambassador to the Bahamas, represents the 23rd TIEA that the Bahamas has signed, and is the second with a major economic player in the Asia-Pacific region.
The Bahamas now has Tax Information Exchange Agreements with seventeen OECD members and nine members of the G-20. At the signing ceremony, Symonette spoke of the government’s confidence that, with the continued strategic broadening and deepening of its tax cooperation network, the territory will continue to grow and prosper as a reputable international business centre.
The TIEA with Japan provides not only for cooperation in tax matters in line with internationally agreed standards but also provides for the allocation to each party certain exclusive taxing rights, on income derived abroad in the respective country, received from students, pensioners and government employees.
Symonette pointed out that the pact is a first of its kind for the Bahamas, and demonstrates the range and diversity of tax cooperation that countries have the opportunity to engage in, bilaterally, for their mutual economic benefit.
Concluding, he said: “Within the international arena, the involvement of both of our governments in the international tax cooperation work of the UN and the OECD, as well as the conclusion of this TIEA today, proves that there is mutual commitment to the effective implementation of accepted international standards for financial regulation and cross-border cooperation.”
The agreement, signed by the Bahamas Deputy Prime Minister and Minister of Foreign Affairs, Brent Symonette, and by Hiroshi Yamaguchi, the Japanese Ambassador to the Bahamas, represents the 23rd TIEA that the Bahamas has signed, and is the second with a major economic player in the Asia-Pacific region.
The Bahamas now has Tax Information Exchange Agreements with seventeen OECD members and nine members of the G-20. At the signing ceremony, Symonette spoke of the government’s confidence that, with the continued strategic broadening and deepening of its tax cooperation network, the territory will continue to grow and prosper as a reputable international business centre.
The TIEA with Japan provides not only for cooperation in tax matters in line with internationally agreed standards but also provides for the allocation to each party certain exclusive taxing rights, on income derived abroad in the respective country, received from students, pensioners and government employees.
Symonette pointed out that the pact is a first of its kind for the Bahamas, and demonstrates the range and diversity of tax cooperation that countries have the opportunity to engage in, bilaterally, for their mutual economic benefit.
Concluding, he said: “Within the international arena, the involvement of both of our governments in the international tax cooperation work of the UN and the OECD, as well as the conclusion of this TIEA today, proves that there is mutual commitment to the effective implementation of accepted international standards for financial regulation and cross-border cooperation.”
