Island signs TIEA with South Africa

WEDNESDAY, SEPTEMBER 7: Bermuda has signed its 28th Tax Information Exchange Agreement (TIEA), with South Africa.

Premier Paula Cox, Finance Minister, and Pravin Gordham, South Africa’s Minister of Finance, signed the Joint Declaration.

Ms Cox said it would further “the broadening of the political and economic relationship between South Africa and Bermuda”.

Powerhouse

“South Africa and Bermuda will continue to examine what further measures can be adopted to further enhance our political and economic relationship, including further clarification of elements of double taxation, discrimination and other undesired tax barriers, investment protection and mutual recognition of our recognized stock exchanges.”

Ms Cox said the CEO of the Bermuda Stock Exchange is to attend the World Federation of Exchanges Annual General Meeting in Johannesburg.

Describing South Africa as an “economic powerhouse”, she said the TIEA would enhance Bermuda’s reputation in global financial services and also open up opportunities for direct foreign investment.

“This is, in addition to seeking mutual recognition for our local stock exchange,” she said.