View this article online: https://www.insurancejournal.com/news/international/2011/06/27/204201.htm
Bermuda has signed a Tax Information Agreement, or TIEA, with the Republic of Indonesia at a ceremony in London on Wednesday, June 22, attended by Bermuda’s Premier, the Hon. Paula A. Cox, JP, MP, and H.E. Yuri Octavian Thamrin, Ambassador of the Republic of Indonesia.
The agreement is the 25th to be concluded by Bermuda with other nations. It provides for a “full exchange of information on criminal and civil tax matters between the two countries, consistent with the internationally agreed standard for transparency and exchange of information for tax purposes set by the Organization for Economic Cooperation and Development (OECD),” said the bulletin.
Premier Cox noted that “Bermuda continues to strengthen its position as a domicile for the sharia compliant international financial services industry such as Re-takaful (re-insurance), Mutual Fund and Trust business. We consider the Republic of Indonesia a key strategic partner in furthering growth in this vital international business sector. Bermuda will work closely with the Indonesian government in international cooperation through the internationally agreed tax standard in which TIEAs play such an important part.”
“As with the others we have signed, it includes all standard means to ensure due process is followed in tax information requests to Bermuda, including provisions to protect the confidentiality of information provided under the TIEA. It also adheres to public policy considerations and provisions related to protecting legal privilege,” she added.
Brad Kading of the Association of Bermuda Insurers and Reinsurers (ABIR) congratulated Cox and the Ministry of Finance on completion of the TIEA with Indonesia. He described the country as “an enormous growth market in the 21st century,” adding that it is “critically important for Bermuda to build relationships with emerging economies around the world. Marine, aviation, energy, property and liability are all important markets in this country. Indonesia and Southeast Asia are important markets for Bermuda’s (re)insurers. Bermuda’s Takaful legal framework helps insurers work with this market.”
Source: Bermuda Finance Ministry