The Honourable Jim Flaherty, Minister of Finance, today announced that Canada has signed its first Tax Information Exchange Agreement (TIEA).
The agreement with the Kingdom of the Netherlands in respect of the Netherlands Antilles, which are part of the Kingdom, sets out a framework for exchanging information relevant to the administration and enforcement of the domestic tax laws of each party.
"This agreement will help authorities combat tax evasion and enforce tax laws," said Minister Flaherty. "We look forward to signing similar agreements with other jurisdictions who commit to the Organisation for Economic Co-operation and Development (OECD) standard for the exchange of tax information."
The standard, set by the OECD, encourages member countries to enter into TIEAs with non-tax treaty jurisdictions to combat tax evasion and the use of tax havens.
In support of the standard, the Government of Canada introduced incentives in its 2007 budget to have non-treaty countries enter into TIEAs with Canada, and required that all new tax treaties and revisions to existing treaties include the OECD standard.
Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
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