St. Kitts and Nevis signs international tax convention
The Government of St. Kitts & Nevis has signed the Multilateral Convention on Mutual Administrative Assistance, in Tax Matters.
Prime Minister Dr. the Hon. Timothy Harris attended a signing ceremony at the OECD headquarters in Paris, France, where he signed the Convention, on Thursday 25th August, 2016, upon the invitation of the Organisation for Economic Co-operation and Development (OECD).
Prime Minister Harris deposited the Instrument of Ratification with the OECD after the signing ceremony and as a result, formalizing the commitment of the St. Kitts & Nevis government, on Mutual Administrative Assistance in Tax Matters.
The Convention is an independent multilateral agreement, made to promote international co-operation, for a better operation of national tax laws.
It also provides for all types of administrative co-operation between the parties in the collection of taxes and in particular, a view to combating tax evasion.
Such co-operation surrounds the recovery of foreign tax claims and exchange of information, including automatic exchanges facilitated by the Automatic Exchange of Information (AEOI) portal, which provides associating jurisdictions with online support for the execution of automatic exchange of information in tax matters.
There are 103 jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters, as of Thursday 25th August.
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