SOUTH Korea and Bahamas have signed a bilateral tax information
exchange agreement (TIEA) at the South Korean Embassy in
Washington.
Incorporating the internationally-agreed OECD standard for
the exchange of information upon request, the agreement will give the tax
authorities of both countries a greater ability to exchange taxpayer
information.
In a statement at the TIEA’s signing ceremony, it was stated
that this was the 25th agreement that The Bahamas signed, and the fourth with a major Asian
economy. Incidentally, the Bahamas and South Korea have both been active
supporters, on the United Nations Committee of Experts on International
Cooperation in Tax Matters, of even and fair standards for governing global
financial activities.
While the Bahamas is only the fourth country with
which South Korea has completed such an agreement, its National Tax Service had
disclosed, earlier this year, that it would utilize its current and planned
network of TIEAs with other countries to investigate South Korean taxpayers with
suspected undeclared foreign bank accounts.
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