The Government of The Bahamas and the Principality of Monaco have concluded negotiations for a Tax Information Exchange Agreement (TIEA), effectively signing a [TIEA](http://www.bfsb-bahamas.com/international/Bahamas_Monaco%20TIEA.pdf) today.
The Hon. Zhivargo Laing, Minister of State for Finance in the Ministry of Finance, said *”The Bahamas and Monaco share much in common; both are small nations with the major portion of economic activities concentrated in the hospitality and financial services industries. We look forward to a productive and cooperative relationship with the Principality of Monaco as our nations strive to adjust to the changing global financial and economic landscape and the emerging rules that are being developed to accommodate it.”*
The TIEA with Monaco reportedly is the first in a succession of such signings The Bahamas expects to execute within the weeks ahead. It has made substantial progress in its negotiations with a number of OECD, G-20 and other countries. According to Minister Laing, *“These negotiations are part of the ongoing effort being made by the Government of The Bahamas to meet its commitment to implement the standards for transparency and information exchange in tax matters that were developed by the Organisation for Economic Cooperation and Development (OECD). These standards were also adopted by the United Nations, and are supported by the declarations of the G-20 Group of Nations.“*
The Bahamas and Monaco have agreed to continue dialogue towards further cooperation in the tax area by negotiating a Double Taxation Agreement.
The TIEA signed today is the second that the Government of The Bahamas has concluded, having signed the first on 24 January 2002 with the United States of America.
*Editors Note: See the News & Media’s [Tax Co-operation](http://www.bfsb-bahamas.com/international.php) feature for other updates, including The Bahamas’ Stance on International Tax Co-operation, and to download related agreements.*