TIEA to be signed with the Czech Republic

According to a press statement, the text of the TIEA has to be approved by the respective Ministers of Finance of the Czech Republic and Bermuda before it can be signed.

The negotiated text follows the OECD (Organization for Economic Co-operation and Development) model TIEA and will provide for a full exchange of information on criminal and civil tax matters between the two countries. 

Premier Paula Cox said: “I am delighted today for the treaty negotiating teams of Bermuda and the Czech Republic to have finalised negotiation of the text of the TIEA.

“The Czech Republic is a remarkable country with a long history and is a member of the European Union and the OECD, and Bermuda is pleased to open this chapter of formalized relationship between our two countries.”

“Negotiating these TIEAs  honours the commitment that both countries have made to uphold the internationally-agreed tax standard advanced by the G20 and the OECD, and as such it also serves to safeguard Bermuda’s reputation as a respected international financial centre and underpins our continued attraction as a domicile to international business which is so key to our economy to the benefit of all Bermudians.

“In these difficult economic times TIEAs have their role and play their part in protecting what we have, and position us to continue to grow the international business sector which at the same time allows us to apply resources to work to diversify our economy.”

Negotiations took place at the Ministry of Finance in Hamilton.

Bermuda’s Ministry of Finance welcomed the delegation of the Central Financial and Tax Directorate of the Ministry of Finance of the Czech Republic. The meetings also included discussions on a number of issues of common interest.