SVG signs Tax Information Agreement with Germany

A TAX INFORMATION EXCHANGE AGREEMENT (TIEA) between St. Vincent and the Grenadines and the Federal Republic of Germany has now been signed.{{more}}

The signing took place at the Office of the High Commission for St. Vincent and the Grenadines, London, on March 29, 2010. Signing on behalf of St. Vincent and the Grenadines was its High Commissioner E. Cenio Lewis, while Germany’s Ambassador Georg Boomgaarden signed on that country’s behalf.

The objective of being de-listed by the Organization for Economic Co-operation and Development (OECD) has been successfully achieved by St. Vincent and the Grenadines as this country was ‘white-listed’ by OECD on March 24, 2010. This was after it had completed seventeen TIEAs. St. Vincent and the Grenadines had been working assiduously to demonstrate its commitment to implement internationally agreed tax standards by March 31 and had thus targeted certain countries, including OECD member countries themselves, for the establishment of TIEAs with this country. Negotiations previously undertaken are expected to result in the signing of two more TIEAs respectively with France and Canada.

St. Vincent and the Grenadines’ white listed status by the OECD is welcomed by the local and international financial industry of St. Vincent and the Grenadines.