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26/03/2010
Belize To Share Tax Data With UK
Belize has agreed to share tax information with the UK.
The move follows revelations that Tory deputy chairman Lord Ashcroft has non-domicile tax residency in the UK. His main residence is in Belize.
Being a non-dom means the billionaire peers only pay a small amount of tax on his UK earnings, and nothing on his international business interests.
A Tax Information Exchange Agreement (TIEA) with Belize will allow the sharing of tax-related information to OECD (Organisation for Economic Co-operation and Development) standards.
The agreement was signed yesterday by Financial Secretary to The Treasury Stephen Timms and the High Commissioner for Belize in London, Kamela Palma.
Welcoming the signatures, Mr Timms said: "Information exchange is a vital tool in ensuring that governments resource for the essential public services on which we all depend.
"I very much welcome the fact that Belize has joined the growing number of jurisdictions making good on their commitments to apply high standards of transparency and exchange of information in tax matters.
"We are in active negotiations with other jurisdictions that have committed to applying the OECD standards, and expect to sign more agreements soon."
The text will shortly be laid as a schedule to a draft Order in Council for consideration by the House of Commons.
The arrangement will come into effect as soon as each government has completed the necessary procedures to give effect to it under its domestic laws.
(PR/GK)
The move follows revelations that Tory deputy chairman Lord Ashcroft has non-domicile tax residency in the UK. His main residence is in Belize.
Being a non-dom means the billionaire peers only pay a small amount of tax on his UK earnings, and nothing on his international business interests.
A Tax Information Exchange Agreement (TIEA) with Belize will allow the sharing of tax-related information to OECD (Organisation for Economic Co-operation and Development) standards.
The agreement was signed yesterday by Financial Secretary to The Treasury Stephen Timms and the High Commissioner for Belize in London, Kamela Palma.
Welcoming the signatures, Mr Timms said: "Information exchange is a vital tool in ensuring that governments resource for the essential public services on which we all depend.
"I very much welcome the fact that Belize has joined the growing number of jurisdictions making good on their commitments to apply high standards of transparency and exchange of information in tax matters.
"We are in active negotiations with other jurisdictions that have committed to applying the OECD standards, and expect to sign more agreements soon."
The text will shortly be laid as a schedule to a draft Order in Council for consideration by the House of Commons.
The arrangement will come into effect as soon as each government has completed the necessary procedures to give effect to it under its domestic laws.
(PR/GK)
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