Dominica, Grenada ink tax exchange agreements with the UK

LONDON, England, CMC – Dominica and Grenada, two of the Caribbean countries remaining on a “grey list” of countries that have failed to implement the internationally agreed tax standard, have become the latest jurisdictions to ink accords on exchange of tax information with the United Kingdom.

The treaties, known as tax information exchange agreements (TIEAs), were signed here ahead of the long Easter weekend by Stephen Timms, the UK Financial Secretary to the Treasury, and by Ruth Elizabeth Rouse, Grenada’s High Commissioner and her counterpart from Dominica, Agnes Adonis.

When the agreements are ratified by the signatory governments, and enter into force, they will allow the governments to request information about funds held in banks and other financial institutions, and trusts.

The two Eastern Caribbean countries are among three other regional countries — Belize, Montserrat and St Lucia — that remain on a grey list compiled by the Organisation for Economic Cooperation and Development (OECD) of jurisdictions that “have committed to the internationally agreed tax standard, but have not yet substantially implemented”.

To graduate to the OECD’s white list, countries are required to sign at least 12 TIEAs.

Barbados and the United States Virgin Islands were the only Caribbean states on the OECD’s white list when it was compiled a year ago. Since then, 10 other jurisdictions in the region – Antigua and Barbuda, Aruba, the Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, the Netherlands Antilles, and the Turks and Caicos Islands – have also joined them.

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11 Comments

  1. Nathaniel Peltier
    April 7, 2010

    Statement of UK’s Home Secretary on possible visa requirement for Eastern Caribbean countries

  2. Anonymous
    April 6, 2010

    Did Agnes even understand what she signed. How is this going to benifit Dominica or Dominicans.this is bad news for dominicans leaving in England and sending their money home to save. Now England can tax them twice and just take from them. When are we going to understand that we are stil enslaved economically.

  3. Gary
    April 6, 2010

    In response to the comment made by the person called WELL proposing to know everything,and calling people stupid, Did you read a copy of the treaty? and do you really believe that this has to do with transparency.? I wold like you to truthfully do some research, as you say you do, and find out what is the Economic Citizen programme and the procedure it takes before someone can be approved. Do you know that under the programme Nationals from certain Countries are not allowed to apply and Russians are one them, Let me remind you there are rules and procedures as to who is allowed into the programme. Please do your reach, as you kindly ask the rest of us to do. thank you.

    .

  4. only
    April 6, 2010

    Then they can rob your bank account.
    Any country formerly under the UK is never really independent eventhough they may have declared independence.
    The UK still is connected with the US.

  5. April 6, 2010

    Agnis Adonis, is a woman born in Colihaut, worked for the Roseau PO, i have been wondering where is she?

  6. Well
    April 6, 2010

    Duh!!! I wish some of the commentators on here would actually read and research before commenting cause you guys really come across as ignorant and stupid to facts that have been flying around for years now. Transparency is what this is all about. Our passports are being sold to all sorts of rich and dangerous Russians, Africans and Europeans….and what they use these documents to travel for???? I suppose if you are informed you still won’t get the picture. So it is like this Some rich dude purchases a Dominica passport…one from Antigua perhaps or St. Lucia ….multi-citizenship…they have the money and they can buy just about anything…what’s US$100,000.00 to them…pocket change. They go on and set up bogus businesses that come across as really genuine..they use the Dominica passport etc. to travel …It’s only business!!!…..Their company sends up a red flag for investigation hola the Dominica passport shows up as part of the travel deal and the person is off-course registered as the Dominican citizen. Some of these activities is beyond the reach of the typical Dominican.

    By the way to Anonymous: Agnis Adonis the civil servant woman who was once the Second Secretary at the Dominica High Commission in London whom our Darling Prime Minister and his subordinates have decided is competent enough to be placed in the Position of Acting High Commissioner. Ask Our Darling Prime Minister What they are doing with our tax money….

  7. O_o
    April 5, 2010

    Wow, we’ve been independent for over 30 years now and the UK can still make us do whatever they want.

  8. Dominica Lover
    April 5, 2010

    What are the implications of this treatese for Dominicans at home and in the UK. To whose benefit is this treatise Dominica or England.

  9. Anonymous
    April 5, 2010

    Agnes Adonis? who is she. never heard of her

    • Anonymous
      April 6, 2010

      so what?

  10. Fairplay
    April 5, 2010

    White Power!

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