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Canada Signs Tax Information Exchange Agreements (TIEAs) With St Lucia, Bahamas


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Jun 8, 2010
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Canada Signs Tax Information Exchange Agreements (TIEAs) With St Lucia, Bahamas

The Canadian Ministry of Finance has announced the signing of two Tax Information Exchange Agreements, with the Bahamas on June 17, and with Saint Lucia on June 18.

The two agreements were negotiated in line with the OECD standard on transparency and tax information exchange and are a direct result of efforts to ‘level the playing field’ in tax competition. The agreements will provide the respective tax authorities with access to tax information on request in civil tax matters and in the investigation of fiscal crime.

The Ministry of Finance said that the agreements are consistent with “Canada’s international efforts to promote transparency and effective exchange of tax information."

"The Agreements will provide the mutual exchange of tax information that is possessed by, or accessible to, the taxation authorities of either jurisdiction, and by the Canadian Revenue Agency, in order to better administer and enforce taxation laws and to prevent international fiscal evasion,” the ministry stated.

The agreements will enter into force after the concerned countries have completed their individual ratification procedures.
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