St. Maarten minister Tuitt signs tax treaties with India, Costa Rica and Czech Republic
TUESDAY, 30 OCTOBER 2012
CAPE TOWN, South Africa--Finance Minister Roland Tuitt has signed tax treaties with India, Costa Rica and the Czech Republic during his trip to Cape Town, South Africa, where he is attending the fifth meeting of the Organisation for Economic Cooperation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes.
The Tax Information Exchange Agreements (TIEAs) are bilateral agreements to promote international cooperation in tax matters through exchange of information. The TIEA allows St. Maarten to work separately with India, Costa Rica and the Czech Republic on a full range of tax issues, including combating and preventing tax fraud and tax evasion.
TIEA provides information exchange upon request and direct cooperation between the countries' tax authorities. The strengthened international cooperation on tax matters between countries ensures better enforcement of the tax laws, thus improving tax compliance.
St. Maarten's network of international agreements on exchange of information has been expanding rapidly since 2009. With the conclusion of these TIEAs, which have been negotiated during the last two months, St. Maarten has exchange of information relationships with 53 jurisdictions to date.