BASSETERRE, ST. KITTS, OCTOBER 19TH 2010 (CUOPM) – The Federation of St. Kitts and Nevis and the Republic of Germany signed a Tax Information Exchange Agreement (TIEA) on Wednesday afternoon.
St. Kitts and Nevis Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas and Germany’s Port of Spain, Trinidad Charge d’ Affaires, Mr. Christoph Peleikis signed the agreement for the exchange of information relating to tax matters.
Prime Minister Douglas has welcomed the signing of the agreement. “It is very important to the economy,” he said just before signing the necessary documents in the English and German languages.
With this agreement, both St. Kitts and Nevis and Germany 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 Cooperation and Development (OECD) developed in the framework of their programme to contain harmful tax competition.
St. Kitts and Nevis played a very active role in the OECD in the last few years.
