ST. LUCIA – The government of Saint Lucia and the governments of the Netherlands and Aruba have entered into a mutual agreement known as the Tax Information Exchange Agreement, or TIEA.
The Tax Information Exchange Agreement, as explained by Permanent Secretary in the Ministry of Finance, Isaac Anthony, will facilitate the exchange of tax information among the parties with respect to their nationals who are doing business or are employed within each other’s jurisdictions.
“If Saint Lucia does not sign some 12 outstanding agreements, it is likely to face some very stiff penalties by March next year…Whilst we’ve actually had for quite sometime a Tax Information Exchange Agreement with the US government, the only thing is that it has yet being ratified,” Anthony said.
According to a report tabled at the G-20 meeting in April of this year, Saint Lucia is classified as a grey-listed country as it is committed to the internationally agreed standard but has not yet substantially implemented the agreement.
However, Mr. Anthony says, Saint Lucia is moving speedily to comply fully and should accomplish at least 12 Tax Information Exchange Agreement signings in the coming weeks—the next one already earmarked with the government of Belgium.
