Ottawa, November 17, 2010
2010-107
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The Honourable Jim Flaherty, Minister of Finance, today announced that Canada has recently signed two new Tax Information Exchange Agreements (TIEAs), bringing to 11 the total number of TIEAs signed by Canada over the last 14 months. Canada is expected to sign more TIEAs over the coming months, as it is currently engaged in numerous negotiations.
The TIEA with San Marino was signed on October 27, 2010, and the TIEA with Anguilla under Entrustment from the Government of the United Kingdom of Great Britain and Northern Ireland was signed on October 28, 2010. These TIEAs create the legal framework to enable the exchange between tax authorities of tax information relevant for the administration and enforcement of the domestic tax laws of Canada and respectively, of San Marino and Anguilla.
"These agreements will help Canadian tax authorities combat international tax evasion," said Minister Flaherty. "The signature of 11 TIEAs so far demonstrates Canada's unwavering resolve to uphold its international commitment to the implementation of the Organisation for Economic Co-operation and Development (OECD) standard for the exchange of tax information."
The implementation of the OECD standard for the exchange of tax information reflects the international consensus, reached notably by the Leaders of the G-20, to combat international tax evasion through effective exchange of tax information.
In support of the OECD standard, the Government of Canada introduced incentives in its 2007 budget to have non-tax treaty countries enter into TIEAs with Canada, and required that all new tax treaties and revisions to existing treaties include the OECD standard.
Canada has signed TIEAs with Anguilla, Bahamas, Bermuda, the Cayman Islands, Dominica, the Netherlands Antilles, Saint Lucia, San Marino, St. Kitts and Nevis, St. Vincent and the Grenadines, and the Turks and Caicos Islands.
For further information, media may contact:
Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
