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A tax information exchange agreement has been signed between Malta and Bermuda.
Bermuda’s Ministry of Finance said the agreement was signed in London by Maltese High Commissioner Joseph Zammit Tabona and by Premier Paula Cox J.P. for Bermuda.
The TIEA provides for a full exchange of information between the two countries on tax matters. Premier Cox said this was a further demonstration of Bermuda’s commitment to being a responsible player in the global finance sector.
"The value of signing this, our newest TIEA, is a protective and pre-emptive measure to strengthen Bermuda’s position so we are exempt from harsher more punitive future legislative measures. It helps solidify our relationship with the European Union and marks the 12th Tax Information Exchange Agreement with an EU member state," the Premier said.
"Negotiations took place in Bermuda during the Global Forum held in Bermuda May 31st and June 1st of this year and I am delighted the good will created by our respective negotiating teams is solidified by Bermuda and the Republic of Malta signing the TIEA today in the UK."
Premier Cox said the agreement included all standard means to ensure due process was followed in tax information requests to Bermuda, including, for example, provisions to protect confidentiality of information.
“The TIEA will also adhere to public policy considerations and provisions related to protecting legal privilege," she said.