A Tax Information Exchange Agreement between the UK and The Bahamas, signed in Nassau on October 29, 2009, entered into force on January 7, HM Revenue and Customs has announced. The text has been published as the Schedule to the International Tax Enforcement (Bahamas) Order 2010.
This is a bilateral agreement under which the two territories agree to cooperate in tax matters through exchange of information. It enables the governments to enforce their domestic tax laws by exchanging, on request, information relevant to a tax matter covered by the arrangements.
Details of the debate held on November 1, 2010 may be found in the House of Commons Official Report, following which the draft Order was approved by Parliament on November 2, 2010.
The provisions of the agreement will take effect in respect of criminal tax matters from January 1, 2004 and for all other matters for taxable periods commencing, or charges to tax arising, on or after the date of entry into force.
By: Robert Lee
Source: Tax-News.com
