|Belize Signs Tax Information Exchange Agreement with Australia|
|Written by Administrator|
|Thursday, 08 April 2010 00:00|
Belmopan, April 1, 2010.
Belize has signed a Tax Information Exchange Agreement (TIEA) with the Commonwealth of Australia, which will allow for the sharing of tax-related information between the two countries in accordance with the standards established by the Organization for Economic Cooperation and Development (OECD). Signing the Agreement for Australia was His Excellency, Philip Kentwell, High Commissioner for Australia to Belize , while Mr. Joseph Waight, Financial Secretary, signed on behalf of Belize under an authority granted to him by the Prime Minister and Minister of Finance, Hon. Dean Barrow.
The High Commissioner commented that Australia is glad that Belize is now a Tax Information Agreement Partner which will assist in the efforts tothwart illegal financial processes. He also committed to furthering bilateral relations with Belize. Mr. Waight thanked the High Commissioner for the speedy process in which the arrangements had been expedited. This brings to four the Tax Information Exchange Agreements (TIEAs) signed by Belize. The other three TIEA’s are with the United Kingdom, Belgium, and the Netherlands. The TIEA with the United Kingdom was signed last week in London.
In addition, Belize has initialed TIEAs with eleven other countries, namely, Ireland, Italy, Mexico, Aruba, Denmark, Faroes, Finland, Norway, Sweden, Iceland, and Greenland. These Agreements will be formally signed as soon as these countries have completed their internal procedures. We are also in discussions with the United States of America and Poland and have sent them draft TIEAs based on the OECD model. Belize is fully committed to transparency and comprehensive exchange of information to the OECD and international tax standards.