Bermuda has reached an agreement with Belgium to exchange information about criminal and civil tax matters.
The deal was announced by Paula Cox, Minister of Finance, this week following negotiations in Brussels on December 2.
Benefits for the island from this tax information exchange agreement (TIEA) is a commitment by Belgium to conclude a series of mini double taxation agreements.
Belgium also stated within the TIEA that Bermuda does not engage in harmful tax practices nor is it considered a tax haven by the country.
Minister Cox said: "Bermuda's proposed treaty with Belgium is one more example of Bermuda moving swiftly to expand upon our role in the global financial network, to strengthen and deepen our relationships with other financial centres and to exceed the expectations of international bodies such as the Organization for Economic Cooperation and Development (OECD).
"In addition to concluding negotiations with Belgium, this week Bermuda is acting as co-chair of the OECD Global Forum Steering Group in Paris.
"Bermuda was elected to this internationally prestigious and influential position at the meeting of the OECD Global Forum in September.
"In each respect, both in exceeding international standards of information exchange and transparency by concluding tax information exchange agreements such as with Belgium, and by taking a leading role in international bodies that set global tax policy, we are adding to the attraction of Bermuda as a leading domicile for international companies and affirming our long-standing position as a leader in international business."
Bermuda has 18 signed TIEAs with G7 countries France, Germany, the U.K. and U.S., plus with Australia, Ireland, New Zealand, the Netherlands, the Nordic Group (including Denmark, Finland, Iceland, Norway and Sweden and their associated territories the Faroe Islands and Greenland), Netherlands, Antilles, Aruba and Mexico.
Negotiations have been concluded with, among others, Canada, Japan, and Spain.
These agreements are anticipated to be signed in early 2010.
