Signature of Tax Cooperation Agreements with Anguilla and the Turks and Caicos Islands
His Excellency, Mr Bobby McDonagh, Ambassador of Ireland to the United Kingdom signed in London today, 22 July 2009, Tax Information Exchange Agreements between Ireland and Anguilla and Ireland and the Turks and Caicos Islands.
Ireland welcomes the commitment of both Anguilla and the Turks and Caicos Islands to implement the OECD standards of transparency and exchange of information in tax matters and their willingness to enter into tax information exchange agreements (TIEAs). The signing today of these agreements represents a new chapter in relations between Ireland and both jurisdictions.
The Tax Information Exchange Agreements are based on a model agreement developed by the Organisation for Economic Co-operation and Development (OECD). They will allow the Revenue Commissioners to request information from their counterparts in both Anguilla and the Turks and Caicos Islands that is relevant to an Irish tax investigation. Such information would typically relate to bank accounts or the beneficial ownership of companies or trusts. Likewise, Anguilla and the Turks and Caicos Islands authorities may request the Revenue Commissioners to obtain and provide information of relevance to their tax investigations.
Ireland recently signed TIEAs with the Cayman Islands, Isle of Man, Jersey, Guernsey and Gibraltar. Ireland fully supports the OECD work on transparency and effective exchange of information on tax matters. Ireland has a system of full exchange of information and is fully in compliance with OECD standards.
[Ends: 22/07/2009]
Background Note
Tax Information Exchange Agreements
The Tax Information Exchange Agreements (TIEA) signed today will allow the Revenue Commissioners to request information from their counterparts in Anguilla or the Turks and Caicos Islands that is relevant to an Irish tax investigation. The information would typically relate to bank accounts or the beneficial ownership of companies or trusts. Likewise, Anguilla and the Turks and Caicos Islands authorities may request the Revenue Commissioners to obtain and provide information of relevance to their tax investigations.
The signing of these agreements is as a direct result of work undertaken by the OECD in relation to transparency and exchange of information in tax matters. In March 2002, both Anguilla and the Turks and Caicos Islands committed to work with the OECD to develop these principles.
In 2002 an OECD group, in which Ireland participated, developed the OECD Model Tax Information Exchange Agreement. The G20 Group of Ministers at their meetings in November 2008 and April 2009 endorsed this OECD standard of transparency and exchange of information. To date, approximately 80 such Tax Information Exchange Agreements have been concluded.
Ireland has now signed seven comprehensive TIEAs. Ireland's other TIEAs are with the Cayman Islands (signed on 23 June 2009), Gibraltar (signed on 24 June 2009), Guernsey (signed on 26 March 2009), Jersey (signed on 26 March 2009), Isle of Man (in force). More TIEAs are being negotiated.