St. Kitts – Nevis Meets International TEIA Standards

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No TEIA With The USA Yet

Basseterre, St. Kitts – Nevis
March 25, 2010 (CUOPM)

St. Kitts and Nevis has been placed on the white list of the OECD countries.

The twin-island Federation was among three Caribbean jurisdictions ““ the others being St. Vincent and the Grenadines and Anguilla ““ who now meet internationally agreed standards on exchange of tax information, the OECD said Wednesday.

The Organisation for Economic Cooperation and Development said the entities had signed a total of 14 tax information exchange agreements with other countries and are now considered to have “substantially implemented” an international reporting standard.

The standard, developed by the OECD in 2002, was designed to combat harmful tax practices through the sharing of tax data among nations.

“We continue to see a great deal of progress as jurisdictions move to sign agreements,” said Jeffrey Owens, head of the OECD’s center for tax policy and administration.

“With Anguilla, Saint Kitts and Nevis and Saint Vincent and the Grenadines now reaching this benchmark, almost all the Caribbean jurisdictions have substantially implemented the standard, and we will be working with the remaining jurisdictions — both in the Caribbean and elsewhere — to encourage them to follow this trend.”

St. Kitts and Nevis were scheduled on March 24 to sign tax information exchange agreements with six (6) Nordic countries.

Previously Tax Information Exchange Agreements (TIEA’s) were signed with Australia, Monaco, The Netherlands, The Netherlands Antilles, Aruba, United Kingdom, Denmark, Belgium, New Zealand and Liechtenstein.

St. Kitts and Nevis has already initialed or concluded negotiations with and are awaiting dates for signature with Canada, France, Germany, Norway, Sweden, Greenland, Faroe Islands, Iceland, Finland and San Marino.

The Federation has commenced discussions with India, Japan, the Republic of Seychelles and the United States on Tax Information Exchange Agreement but has not yet confirmed the text for these agreements.

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