BASSETERRE, ST. KITTS, MAY 21ST 2014 (CUOPM) – The St. Kitts and Nevis Federal Cabinet has paved the way for the signing of Tax Information Exchange Agreements (TIEAs) with Ireland and South Africa.
Cabinet has approved the draft agreements between officials of the respective countries.
“Those negotiation exercises have since been completed leading to the creation of draft agreements waiting to be signed. At Monday’s Cabinet meeting, final approval was granted for TIEAs to be signed with Ireland and South Africa,” said Minister of Information, Sen. the Hon. Nigel Carty in a Post Cabinet Briefing.
He said that the purpose of the TIEA’s is to promote international co-operation in tax matters through exchange of information.
“The TIEA framework was developed by the OECD Global Forum Working Group on Effective Exchange of Information which consisted of representatives from OECD Member countries and 11 other countries in the Caribbean and other parts of the world. The Agreement grew out of the work undertaken by the global community to address harmful tax practices,” said Mr. Carty.
The signing of these agreements represents an important step in the fulfillment of the Federation’s commitments to the wider global community.
To date St. Kitts and Nevis has signed TIEAs with 18 jurisdictions – Aruba, Australia, Belgium, Canada, Denmark, Faroe Islands, Finland, France, Greenland, Iceland, Liechtenstein, the Netherlands, the Netherlands Antilles, New Zealand, Norway, Portugal, Sweden, and the United Kingdom.