Yesterday, The Commonwealth of The Bahamas signed an Agreement with Canada for the [Exchange of Information on Tax Matters](http://www.bfsb-bahamas.com/international/067471700.pdf), in the Majority Room of the House of Assembly. Signing of behalf of The Bahamas was the Hon. T. Brent Symonette, Deputy Prime Minister and Minister of Foreign Affairs, while H.E. Stephen Hallihan, High Commissioner for Canada to the Commonwealth of The Bahamas signed on behalf of Canada.
Minister Symonette said, *”The Government of The Bahamas is satisfied that its expanding network for tax information exchange proves The Bahamas’ ability to benefit from the changing global regulatory environment and to enjoy continued growth in its international business industry.”* Taking particular note of the longstanding economic links with Canada, stemming back over a century, he said these have provided mutual benefits for both countries, particularly in financial services and the hospitality sectors. He added, *“The Bahamas has also enjoyed a longstanding relationship with Canada in the area of judicial cooperation in respect of cross-border criminal activity, under our Mutual Legal Assistance Treaty, which has been in place since the late 1990s.”*
High Commissioner Hallihan said that these agreements are an important part of a commitment that has been made to many countries around the world, to bring about transparency and effectiveness to international financial systems and to tax regimes which cross borders. *“In that regard, Canada is very pleased to be signing this exchange agreement with The Government of The Bahamas. It will, quite simply, make our taxation regimes more transparent, more effective and it will allow both countries to actually more effectively implement the tax systems that we have in place”*. Additionally, he said *“It also sends a very a powerful signal to other communities that responsible governments such as the one here and in our Canada, insist on due diligence being undertaken when it comes to issues of taxation and financial regulations.”*
Welcoming this conclusion of the TIEA agreement with Canada, a fellow Commonwealth country and member of the OECD Global Forum Minister Symonette thanked the Canadian negotiators for completing the negotiations in a collaborative and cooperative manner*.“The TIEA between our two countries provides an important complementary addition to an already established, robust base of cooperation.”*
For additional details relating to The Bahamas’ Stance on international tax cooperation and to download copies of other agreements, visit [Tax Cooperation](http://www.bfsb-bahamas.com/international.php).