Malta and Bermuda have signed a tax information exchange agreement on 25th November 2011 in the UK

The agreement was signed in London by Maltese High Commissioner Joseph Zammit Tabona and by Premier Paula Cox J.P. for Bermuda.

The tax information exchange agreement (TIEA) allows for a full exchange of information between the two countries on tax matters. Bermuda Premier Paula Cox said this was evidence of the commitment Bermuda was showing towards being a responsible player in the global finance sector.

Premier Cox said that the value of signing this TIEA is a protective and pre-emptive measure to strengthen Bermuda’s position. In this way Bermuda is exempt from harsher more punitive future legislative measures. This also helps to solidify Bermuda’s relations with the European Union, marking the 12th Tax Information Exchange Agreement with an EU member state.

This TIEA, she added, included all standard means to ensure due process was followed in tax information requests to Bermuda. This included provisions to protect confidentiality of information. The tax information exchange agreement also will adhere to public policy considerations and provisions related to protecting legal privilege, the Premier concluded.