Bahamas Deputy Prime Minister and Minister of Foreign Affairs the Hon Brent Symonette and San Marino’s Minister of Foreign and Political Affairs, Antonella Mularoni, signed a Tax Information Exchange Agreement (TIEA) today in New York. The Ministers are participating in the 64th Session of the United Nations General Assembly.
The Deputy Prime Minister said the agreement supports the Government’s commitment to implement international standards for transparency and information exchange in tax matters as developed by the Organisation for Economic Cooperation and Development (OECD), adopted by the United Nations and supported by declarations of the G-20 Group of Nations.
*“The Bahamas and San Marino share much in common. We are both small nations and our economies are mainly services based,”* Mr Symonette said, adding *“As members of the United Nations, The Bahamas and San Marino have a unique opportunity to present the important perspective of small states in the global financial order.”*
A release from the Government indicated that The Bahamas looks forward to continued productive and cooperative relations with the Republic of San Marino, as both nations adjust to the challenging demands of an ever-changing global financial and economic landscape, and the emerging framework that is being developed in response to this.
The Bahamas last week signed a TIEA with Monaco, with both countries having agreed to continue dialogue towards further cooperation in the tax area by negotiating a Double Taxation Agreement. The Minister of State for Finance, the Hon. Zhivargo Laing, said then *”These negotiations are part of the ongoing effort being made by the government of The Bahamas to meet its commitment to implement the standards of transparency and information exchange in tax matters that were developed by the Organization for Economic Cooperation and Development.”* He expressed confidence that the TIEA with Monaco, and other pending agreements, will allow The Bahamas to meet its commitment within the near future.
*Editors Note: See the News & Media’s [Tax Co-operation](http://www.bfsb-bahamas.com/international.php) feature for other updates, including The Bahamas’ Stance on International Tax Co-operation, and to download related agreements.*