HAMILTON, Bermuda--(BUSINESS WIRE)--Bermuda today signed a bilateral agreement with the People's Republic of China that provides for a full exchange of information on tax matters between the two countries. The signing of the Tax Information Exchange Agreement (TIEA) took place at a ceremony today at Camden the Premier's official location for signing a number of recent TIEAs. The TIEA was signed by Premier and Minister of Finance the Hon. Paula A. Cox J.P., M.P., and Mr. Wang Li, Deputy Commissioner of the State Administration of Taxation.
Joining the Premier were Honourable Cabinet Ministers and Junior Ministers. Additionally invitations were extended to the Leader of the Official Opposition the United Bermuda Party, the Deputy Leader, and House Leader. Also invited were the Party Leader, Deputy Party Leader and House Leader of the Bermuda Democratic Alliance as well as leaders of Bermuda international business.
Distinguished guests at the signing ceremony from the State Administration of Taxation of the Peoples Republic of China included Ms. Gong Zuying, Director General of the International Taxation Department, Mr. Lu Yun, Deputy Director General of the Income Taxation Department, Ms. Wang Xiaoyue, Director of the Anti-Avoidance Taxation Division of the International Taxation Department, Mr. Wang Liangmu, Principle Staff Member of the Global Cooperation and Compliance Division of the International Taxation Department, and Ms. Xiong Yan, Principal Staff Member of the Tax Treaty Division of the International Taxation Department.
Whilst in Bermuda, the Chinese delegation met with Governor H.E. Sir Richard Gozney and in addition met with representatives of the Bermuda Monetary Authority, the CEO of the Bermuda Stock Exchange, the Tax Commissioner and the Registrar of Companies, and they attended other events.
Following the signing, Premier Cox commented on the achievement: "I am delighted today to sign this Tax Information Exchange Agreement with the People's Republic of China. This treaty is a significant step forward in cementing political and economic ties between Bermuda and China. Bermuda already works very closely with the People's Republic of China as a fellow Vice Chair of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes and we very much look forward to welcoming Mr. Wang Li and the members of the Chinese delegation back to Bermuda this Spring when we host the 2011 Global Forum."
"Currently, there are 680 entities in Bermuda with a Chinese interest," the Premier continued. "In the negotiation of this TIEA a framework was established for deepening economic and commercial relations between our two jurisdictions and in facilitating our outreach to other markets within Asia. Both the independent regulator, the Bermuda Monetary Authority, and the Bermuda Stock Exchange (BSX), an internationally recognized Stock Exchange, following this advancement will be using this opportunity to discuss further cooperation with their regulatory counterparts in China."
The TIEA will come into force once both governments have completed their respective domestic procedures for the ratification of the agreement.