Turks & Caicos signs TIEA with the UK
The Turks and Caicos Islands signed a tax information exchange arrangement (TIEA) between the UK in London on 22 July 2009. The TIEA provides for comprehensive exchange of information to the OECD and international tax standard in respect of UK direct taxes and VAT.
This is the first TIEA to be signed by the TCI but its government signed further TIEAs on the same day with the Netherlands and Ireland. It expects to sign more TIEAs soon.
The UK has now signed seven comprehensive TIEAs, including with Anguilla on 20 July, Jersey in March, Guernsey in January and the British Virgin Islands in 2008. The UK has TIEAs in force with Bermuda and the Isle of Man. The UK further signed an arrangement with the Cayman Islands in June 2009 that provides, among other things, for information exchange to OECD standards. More TIEAs are being negotiated.
The UK also exchanges information with over 100 countries worldwide under double tax treaties, the provisions of EU Directives and Regulations, and through the Council of Europe/OECD Convention on mutual administrative assistance in tax matters.
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