The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Nick Sherry

Nick Sherry

Assistant Treasurer

9 June 2009 - 14 September 2010

Media Release of 12/03/2010

NO.042

Australia Makes Further Progress in Improving Overseas Tax Transparency

The Assistant Treasurer, Senator Nick Sherry, today announced Australia has made further progress in its international efforts to improve transparency in the financial system and prevent offshore tax avoidance and evasion.

The Assistant Treasurer announced Australia has secured another new Tax Information Exchange Agreement (TIEA) and has brought several more into force.

This latest TIEA to be signed is with the Caribbean state of Saint Christopher and Nevis (St Kitts and Nevis) and is Australia's thirteenth TIEA with an overseas jurisdiction.

"These agreements are strengthening the integrity of Australia's tax system," the Assistant Treasurer said.

"This latest agreement is a significant step towards achieving global cooperation on international standards for the exchange of information for tax matters."

"I commend St Kitts and Nevis on signing this new transparency agreement."

The recent TIEAs between Australia and Jersey, Antigua & Barbuda and the Isle of Man have now also entered into force.

"When combined with the new St Kitts agreement, the entry into force of three more TIEAs has delivered a significant boost to our access to offshore tax and banking information."

"I acknowledge each of these jurisdictions for their commitment to implement higher standards of transparency and effective exchange of information," said the Assistant Treasurer.

"The leadership shown by Australia and these countries will enhance the integrity of the international financial system."

Copies of the TIEAs and further information regarding the dates of effect for Australia's TIEAs can be found on the Treasury website www.treasury.gov.au.

12 March 2010
CANBERRA