The Bahamas has signed a Tax Information Exchange Agreement (TIEA) with New Zealand. Bahamas Ambassador to the United States, C.A. Smith, and New Zealand Ambassador to the United States, Roy Ferguson, exchanged copies of the agreement at the signing ceremony in Washington today.
Ambassador Smith thanked the New Zealand ambassador for the speed with which the negotiations for the TIEA had been concluded, and said *“The signing of this [agreement](http://www.bfsb-bahamas.com/international/045616700.pdf) between the Commonwealth of The Bahamas and New Zealand for the exchange of Information with respect to taxes bears witness to the Government of The Bahamas’ commitment to implement the evolving international standards of transparency and effective information exchange in tax matters.”*
Ambassador Ferguson responded that his country’s government was delighted to sign the TIEA with The Bahamas, offering congratulations on the *“forward-looking steps”* being taken by The Bahamas with respect to tax information exchange matters. He also noted that New Zealand pledged continued cooperation with The Bahamas on tax matters. Amb. Smith in turn said, *“As The Bahamas and New Zealand adjust to the ever-changing global financial and economic landscape, we look forward to a productive and cooperative relationship with New Zealand in this and other areas.”*
This is the fifth tax information exchange agreement concluded by the Government of The Bahamas and the third it has concluded with an OECD country. The first TIEA signed by The Bahamas was with the United States in 2002, and since then the country has concluded TIEAs with the United Kingdom, Monaco, San Marino and, now, New Zealand.
The articles of the agreement outline which taxes are covered, protections on trade, business, industrial, commercial or professional secret or trade processes, and circumstances where the parties may decline a request for information – for example, if the disclosure of the information would be contrary to national security or public policy. Citizens in both countries are protected from prejudicial or restrictive measures based on harmful tax practices – as defined in the agreement.
*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.*