Malaysia, Bermuda Ink Agreement On Exchange Of Tax Information

KUALA LUMPUR, April 23 (Bernama) -- The Malaysian and Bermuda governments signed an agreement in London today on the exchange of information related to tax matters. The Ministry of Finance (MOF) said in a statement Monday that the Malaysia-Bermuda Tax Information Exchange Agreement (TIEA) was signed by the Malaysian High Commissioner to the United Kingdom, Zakaria Sulong, and the Premier and Finance Minister for Bermuda, Paula A. Cox. The MOF said the signing of the TIEA clearly demonstrates that Malaysia has been fully committed to implementing the international standards on exchange of information for tax purposes. It added that the TIEA provides for the exchange of information that is relevant to the administration and enforcement of the tax laws of Malaysia and Bermuda. Information that is relevant to the assessment and collection of taxes, the recovery and enforcement of tax claims, and the investigation of tax matters must be provided by each country upon request. The agreement also includes all standard means to ensure due process is followed in tax information requests, for example, provisions to protect confidentiality of information. -- BERNAMA