Source: Katarina Krempova¸ PKF Malta¸ November 2011
In accordance with the OECD’s internationally-agreed standard¸ the signing of a bilateral Tax Information Exchange Agreement (TIEA) between the Republic of Malta and Bermuda was announced by Bermuda’s Ministry of Finance on 24th November 2011.
This agreement was signed by the Maltese High Commissioner Joseph Zammit Tabona and by Premier and Finance Minister Paula Cox on their official meeting in London as a result of negotiations at the third meeting of the Global Forum held on 31st May and 1st June of this year.
The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework¸ established with the aim to enhance international cooperation among tax authorities.
Therefore¸ TIEA will establish a legal platform to allow the respective countries to share tax information on request. This will ensure the administration and enforcement of both countries’ tax laws.