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Bermuda signs tax information accord with the Netherlands

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Bermuda and the Netherlands today signed a bilateral agreement for the exchange of information for tax purposes, bringing to 12 the number of such agreements Bermuda has entered into and thereby crossing the threshold for being considered to have substantially implemented the internationally agreed standard in this area.


Bermuda was one of the first jurisdictions to commit to the international standard of transparency and exchange of information in May 2000, and one of the jurisdictions that contributed to the development of the Model Agreement on Exchange of Information in Tax Matters in 2002.


Since then, it has been working to develop its network of exchange of information agreements. In addition to the 12 agreements already signed, Bermuda has concluded negotiations with a number of other OECD countries for which agreements are expected to be signed shortly.


Welcoming the new agreement, Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, said: “This is a very significant development for Bermuda. As it has signed 12 agreements, Bermuda is now shown in our Progress Report alongside other countries that have substantially implemented the standard.


When we first issued the Progress Report, Bermuda had only three agreements but it has been able to rapidly implement the standard by signing nine agreements in two months. It is nevertheless essential that countries that reach this threshold continue to be open to negotiating agreements with other countries that approach them.”
 
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