Reading all this stuff is really scary, just made another post in regards to Panama, Singapore and all those well know offshore jurisdictions and tax havens, it is gone now..... what will the next be?
NASSAU, Bahamas, September 24, 2009 - The Bahamas and the world's smallest French speaking country, Monaco, have concluded negotiations for a Tax Information Exchange Agreement (TIEA) as both countries agree to continue dialogue towards further cooperation in the tax area by negotiating a Double Taxation Agreement.
Minister of State for Finance Zhivargo Laing and Ambassador of the Principality of Monaco Gilles Noghès recently signed the TIEA in the Bahamas.
"The Bahamas and Monaco share much in common," Laing said. "Both are small nations with the major portion of economic activities concentrated in the hospitality and financial services industries."
"We look forward to a productive and cooperative relationship with the Principality of Monaco as our nations strive to adjust to the changing global financial and economic landscape and the emerging rules that are being developed to accommodate it."
He said the Bahamas-Monaco TIEA is the first of many similar agreements the government expects to sign in the weeks ahead, having made substantial progress in negotiations with a number of Organisation for Economic Cooperation and Development (OECD) and G-20 countries.
"These negotiations are part of the effort made by the Government of the Bahamas to meet its commitment to implement the standards for transparency and information exchange in tax matters that were developed by the OECD," the Bahamian official said.
The TIEA signed with Monaco is the second the Bahamas Government has concluded, the first being with the United States on January 24, 2002. Agreements have to be reached with at least 12 OECD member states in order to fully comply with internationally accepted tax standards.
"The Government is confident that this agreement with Monaco and other pending agreements will allow the Bahamas to meet its commitment within the near future," Laing said.
Ambassador Noghès said the signing of the TIEA was only the beginning of cooperation between the two countries and within the coming months a larger agreement between Monaco and the Bahamas will be signed.
NASSAU, Bahamas, September 24, 2009 - The Bahamas and the world's smallest French speaking country, Monaco, have concluded negotiations for a Tax Information Exchange Agreement (TIEA) as both countries agree to continue dialogue towards further cooperation in the tax area by negotiating a Double Taxation Agreement.
Minister of State for Finance Zhivargo Laing and Ambassador of the Principality of Monaco Gilles Noghès recently signed the TIEA in the Bahamas.
"The Bahamas and Monaco share much in common," Laing said. "Both are small nations with the major portion of economic activities concentrated in the hospitality and financial services industries."
"We look forward to a productive and cooperative relationship with the Principality of Monaco as our nations strive to adjust to the changing global financial and economic landscape and the emerging rules that are being developed to accommodate it."
He said the Bahamas-Monaco TIEA is the first of many similar agreements the government expects to sign in the weeks ahead, having made substantial progress in negotiations with a number of Organisation for Economic Cooperation and Development (OECD) and G-20 countries.
"These negotiations are part of the effort made by the Government of the Bahamas to meet its commitment to implement the standards for transparency and information exchange in tax matters that were developed by the OECD," the Bahamian official said.
The TIEA signed with Monaco is the second the Bahamas Government has concluded, the first being with the United States on January 24, 2002. Agreements have to be reached with at least 12 OECD member states in order to fully comply with internationally accepted tax standards.
"The Government is confident that this agreement with Monaco and other pending agreements will allow the Bahamas to meet its commitment within the near future," Laing said.
Ambassador Noghès said the signing of the TIEA was only the beginning of cooperation between the two countries and within the coming months a larger agreement between Monaco and the Bahamas will be signed.
