International tax information exchange in Bermuda clarified
By Henry Tucker
The Bermuda Court of Appeal has ruled that the target of an intergovernmental request for information under a tax information exchange agreement (TIEA) may require the attorney-general to produce the terms of the request in order to confirm that the request meets the statutory requirements under the International Co-operation (Tax Information Exchange Agreements) Act 2005 (TIEA Act 2005).
In The Minister of Finance v Bunge Ltd  CA(BDA) 4 CIV, the Court of Appeal considered a notice issued to Bunge by the attorney-general pursuant to a request from the government of Argentina under an agreement between Bermuda and the Argentine Republic for the exchange of information relating to taxes.
The relevant provision of the TIEA Act 2005 empowers the minister of finance to require production of any information that the minister may require with respect to a request for assistance made pursuant to a TIEA…
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