TIEAs set out a framework for exchanging information between countries to help administer and enforce tax laws. These agreements are typically based on the Organization for Economic Cooperation and Development (“OECD”) internationally agreed standard and are seen as an important tool to prevent tax evasion in circumstances where there is no comprehensive tax treaty in place between the countries concerned. The subject of Tax Information Exchange Agreements (“TIEA’s”) is a hot topic within the captive insurance industry and for good reason.
Tax Information Exchange Agreements (TIEAs) provide for exchanges of information between governments. Following TIEAs signed with the governments of 32 countries, including Canada and Mexico, Bermuda is positioned to offer the Insurance and Investments markets new opportunities for captives, investment funds and other structures.
Contact us to find out more about what KPMG in Bermuda can do to assist your captive, fund or other vehicle with developments related to TIEAs.
© 2020 KPMG, a group of Bermuda limited liability companies which are member firms of the KPMG network of independent member firms affiliated with KPMG International Coopertive (“KPMG International”), a Swiss entity. All rights reserved.