The government on Thursday signed its 31st Tax Information Exchange Agreement (TEIA) with the Government of Czech Republic during a press conference at the Ministry of Foreign Affairs.
Minister of State for Finance Michael Halkitis said this signing further demonstrates the country’s commitment to adhere to the highest international standards.
“The Bahamas welcomes the conclusion of this agreement with Czech Republic, a fellow participant in the ongoing effort to implement the international standards for financial services regulation and cross-border cooperation,” he said.
“The government is confident that the continued expansion of its tax cooperation network further enhances The Bahamas’ position as a reputable international business centre for the conduct of legitimate global activities.”
The Ambassador of the Czech Republic, Jaroslav Zajic said he is delighted with the agreement as both countries are upholding their reputation and global responsibility to transparency and protection of public revenue.
“Bahamians participation in global tax transparency and tax information exchange initiative speaks volumes for Bahamian financial services integrity and that leads to the confidence and trust that investors continue to have in The Bahamas,” he said.
“The Czech Republic and the Bahamas are upholding their individual responsibilities to help protect public revenue in both develop and developing countries as each country agrees and signs up to standards which are globally accepted and practiced, there are fewer places for criminals to hide.”
The purpose of this latest tax agreement is to promote international co-operation in tax matters through exchange of information in an effort to fight tax evasion and other financial crimes.
The agreement was developed by the Organisation for Economic Co-operation and Development (OECD) Global Forum Working Group.
It provides a legal instrument that could be used to establish effective exchange of information.
The mission of the OECD is to promote policies that will improve the economic and social well-being of people around the world.
