The Assistant Treasurer, Senator Nick Sherry, has today announced the signing of a further seven Tax Information Exchange Agreements (TIEAs) as Australia's global efforts for greater transparency in tax matters gathers pace.
Over the past two days, Australia has signed TIEAs with:
- The Cayman Islands
- The Bahamas
- Belize
- Dominica
- Grenada
- Saint Lucia, and
- The Turks and Caicos Islands.
"These seven new agreements mean Australia now has tax information treaties with a total of 22 overseas jurisdictions," the Assistant Treasurer said.
"Securing these latest agreements is a significant achievement and a substantial boost to Australia's TIEA network – which is growing rapidly."
"The Rudd Government welcomes these jurisdictions as partners in the important work of preventing offshore tax avoidance and evasion," the Assistant Treasurer said.
"These jurisdictions have now committed to international tax standards as established by the OECD which will assist in increasing the transparency of the taxation system."
"As Chair of the Global Forum on Transparency and Exchange of Information, Australia is playing a leading role in the international effort to combat harmful tax competition."
These agreements will enter into force after the jurisdictions have completed their relevant domestic requirements. Copies of the agreements are available on the Treasury website.