Financial Crime World

IRELAND AND SAMOA SIGN TAX INFORMATION EXCHANGE AGREEMENT

Enhancing Cooperation in Tax Matters

Dublin, January 11, 2011 - Ireland and Samoa have signed a Tax Information Exchange Agreement (TIEA) to promote transparency and cooperation in tax matters.

Key Provisions of the Agreement

  • Allows tax authorities to request information from each other on tax matters under investigation.
  • Provides for the possibility of declining a request if it would disclose trade secrets or confidential communications between clients and attorneys.
  • Covers all taxes imposed or administered by either Ireland or Samoa, including corporate and personal income taxes.

Confidentiality and Use of Information

  • Any information exchanged between countries will be kept confidential and only used for tax purposes.
  • Information received by one country cannot be disclosed to anyone else without the express written consent of the competent authority of the requested country.

Effective Date and Scope

  • The agreement will enter into force once both countries have completed their necessary internal procedures for bringing it into effect.
  • It will be effective for criminal tax matters from that date, and for all other matters covered by the agreement from that date also, but only in respect of taxable periods beginning on or after that date.

Quotes

  • “The signing of this agreement demonstrates our commitment to promoting transparency and cooperation in tax matters. We believe that this agreement will help us to better combat tax evasion and ensure that taxes are paid fairly and efficiently.” - Taoiseach Brian Cowen
  • “This agreement is an important step forward in our relationship with Samoa. We believe that it will help us to work together more effectively to combat tax evasion and ensure that taxes are paid fairly and efficiently.” - Micheál Martin, Ireland’s Minister for Finance

Signing of the Agreement

The TIEA was signed by Anasii Leota Tu’u, the Samoan High Commissioner to Ireland, on behalf of Samoa, and by Micheál Martin, Ireland’s Minister for Finance, on behalf of Ireland.