Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Australia-BermudaTax Information Exchange Agreement comes into force.



Download PDFDownload PDF

Tuesday, 2 October 2007

Australia-Bermuda Tax Information Exchange Agreement Comes Into Force The Minister for Revenue and Assistant Treasurer, Peter Dutton, today announced that the Tax Information Exchange Agreement (TIEA) between Australia and Bermuda came into force on 20 September 2007.‘This is the first of our TIEAs to come into force, and represents a significant step in Australia's efforts to prevent offshore tax evasion and avoidance.’

The TIEA provides for full exchange of information on criminal and civil tax matters between Australia and Bermuda. It has effect from 1 January 2006 with respect to serious tax evasion and, from 1 January 2008, for all other matters covered by the Agreement.

The conclusion of TIEAs provides important momentum toward achieving the aims of the OECD’s Harmful Tax Practices Initiative and related Global Forum on Taxation, to which over 55 jurisdictions have committed.

Mr Dutton commended Bermuda for its continuing leadership in this area, demonstrated by its willingness to implement the higher standards of transparency and information exchange to which it has committed.

Australia is pursuing a comprehensive TIEA negotiation programme with other committed jurisdictions. It is expected further TIEAs will come into force in 2008.

A copy of this TIEA is available from the Australian Treaties Database, which can be accessed through the Department of Foreign Affairs and Trade website (www.dfat.gov.au).

Media Contact: Joanne Hutchinson (02) 6277 7360 or 0404 822 421