Germany to sign Tax Information Exchange Agreement with SVG

Today, June 7, German Ambassador Stefan Schlüter and Prime Minister Dr Ralph E.Gonsalves will sign the Protocol on the Exchange of Instruments of Ratification regarding an Agreement for the Exchange of Information Relating to Tax Matters.{{more}}

With this agreement, both countries commit themselves to provide assistance through exchange of information relevant to the administration and enforcement of the respective fiscal laws of the contracting states. The agreement accommodates the mutual desire for a fair competition in tax matters and especially for implementing the standards the Organisation for Economic Co-operation and Development (OECD) developed in the framework of their programme to contain harmful tax competition.

A release from the German Embassy in Port of Spain said, “The signing of the Protocol on the Exchange of Instruments of Ratification regarding a Tax Information Exchange Agreement takes place before the background of a cooperation between Germany on the one hand and St. Vincent and the Grenadines as well as the other CARICOM countries on the other hand that becomes more and more intense. There are programmes in several fields such as the common fight against crime and climate change, HIV/AIDS prevention and boosting the competitiveness of local economies. Apart from that, there are regular exchange programmes for students, young diplomats, sportsmen and women.”