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Grenada signs TIEA with the UK


Wednesday, March 31, 2010 9:21 PM - London, UK
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Grenada signs TIEA with the UKLONDON, UK, March 31st, 2010 – Grenada, in keeping with its commitment to maintain transparency in the financial services industry and to comply with international standards on the exchange of tax information, signed another in the series of Tax Information Exchange Agreements (TIEAs).

The High Commissioner for Grenada to the Court of St. James’s, HE Ruth Elizabeth Rouse, signed the TIEA on behalf of the Government of Grenada with Financial Secretary to HM Treasury, The Rt. Hon. Stephen Timms, MP, who signed on behalf of the United Kingdom Government.

This is the sixth in a series of agreements to be signed with significant economic partners. Agreements have already been signed with the United States of America, the Kingdom of the Netherlands, the Kingdom of Belgium, Australia and the Republic of France.

The signing of this agreement is a reflection of Grenada’s shared commitment with the United Kingdom to comply with international standards on money laundering, terrorist financing, tax compliance and financial regulations. The TIEA will provide for the exchange of information by request on tax matters in accordance with agreed procedures.

Grenada remains on the Organisation for Economic Development’s (OECD) ‘grey list’ because of its perceived non-compliance with the OECD’s implementation criteria on tax transparency.

The conclusion of 12 TIEAs will result in Grenada’s graduation to the OECD’s ‘white list’ for compliance. Grenada is at advance stages of TIEA negotiations with Germany, Sweden, Norway, Finland, Denmark, Iceland, The Faroes, and Greenland. These agreements are due to be signed in April of 2010.


 

 

 

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