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Bahamas signs TIEA with India

The Bahamas government signs a Tax Information Exchange Agreement (TIEA) with India in Nassau. This brings the total number of TIEAs signed to 24, the third with a major Asian economy, following agreements with China and Japan. 

Monday, February 14, 2011
Monday, February 14, 2011

At a ceremony in Nassau February 11, the government of The Bahamas and the government of India signed a Tax Information Exchange Agreement bringing the total number of such agreements held by The Bahamas to 24, ten of which are with G20 member nations.

During the ceremony, the Minister for State in the Ministry of Finance Zhivargo Laing said : “The government of The Bahamas welcomes the conclusion of this agreement with India, the world’s largest democracy and one of the emerging giants on the global economic landscape. Both countries are fellow active participants in the ongoing work of the Organisation of Economic Co-operation and Development Global Forum on Transparency and Tax Information Exchange and its Peer Review committee and the government of The Bahamas commends the government of India for its accomplishment as a vice-chair of the Peer Review Group.”

A delegation from the Indian High Commission in Jamaica also attended the signing.

To download a PDF of the TIEA click here.

The Bahamas now has ten Tax Information Exchange Agreements (TIEAs) in force, with a further 13 that have been signed but not yet in effect. The information exchange treaties are part of government efforts to comply with international standards stipulated by the G20 and Organisation of Economic Co-operation and Development (OECD) member countries.

Leading local lawyer urges the creation of a specialized legal system in regards to financial services, so as to remain ahead of the competition. Although local pool of legal talent is well developed, opportunities still lie in diversification and international exchange.

The Bahamas Investor
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