The Bahamas today signed a Tax Information Exchange Agreement with the People’s Republic of China. Signing on behalf of The Bahamas was the Hon. T. Brent Symonette, Deputy Prime Minister and Minister of Foreign Affairs, while H.E. Dingxian Hu, Ambassador to The Bahamas, signed on behalf of the People’s Republic of China.
The Deputy Prime Minister said, *“This Agreement is historic as it is amongst the first Tax Information Exchange Agreements concluded by the People’s Republic of China.”* On behalf of the Government of The Bahamas he extended gratitude to the Government of the People’s Republic of China for the cooperative and collaborative spirit in which the negotiations were conducted. Also commended was the Embassy of the People’s Republic of China here in Nassau and, in particular, Ambassador Dingxian Hu for the active and influential role played in the process leading to the execution of the Agreement.
The Tax Information Exchange Agreement is the sixth concluded by the Government of The Bahamas which incorporates the accepted international standards in respect of transparency and effective information exchange in tax matters. It is the third Tax Information Exchange Agreement concluded by the Government of The Bahamas with a member of the G-20.
The Deputy Prime Minister also touted the Agreement as another milestone in the ever deepening relationship between The Bahamas and the People’s Republic of China. Together with the Investment Promotion and Protection Agreement with China, the TIEA provides an enhanced framework for economic cooperation. The investment agreement was signed in early September on the occasion of a [visit](http://www.bfsb-bahamas.com/news.php?cmd=view&id=2872&pre=y) to The Bahamas by His Excellency Wu Bangguo, Chairman of the Standing Committee of the National People’s Congress of the People’s Republic of China. It addresses the conditions for creating, stimulating, encouraging, promoting, improving, and protecting investment by Bahamian and Chinese investors in each other’s country.
See BFSB’s special [Tax Cooperation](http://www.bfsb-bahamas.com/international.php) feature for further information on The Bahamas’ stance on international tax cooperation, and related Agreements.