Imbert heads to Paris to sign tax treaty

Finance Minister Colm Imbert will travel to Paris next week to sign a treaty to enhance global tax cooperation.

Imbert said TT was invited to and will take the opportunity to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, developed jointly by the Organisation for Economic Cooperation and Development (OECD) and the Council of Europe.

He announced the impending signing at the TT Stock Exchange Capital Markets Conference at Hyatt Regency Trinidad, Port of Spain, on October 30.

It aims to promote co-operation among signatory countries in the fight against tax evasion and avoidance by facilitating the exchange of tax-related information.

The convention allows governments to share data about tax compliance, perform simultaneous audits and recover foreign tax claims.

The multilateral framework is designed to standardise tax administration across borders, addressing tax-related issues in a globalised economy by ensuring transparency and reducing opportunities for tax avoidance through offshore accounts.

So far, over 140 jurisdictions have signed it, making it one of the most comprehensive agreements of its kind for international tax co-operation.

Imbert said signing the treaty will signal this country’s commitment to combating tax evasion and the government’s alignment with international tax standards.

“Signing this treaty is a pivotal step for TT as we aim to become compliant with global tax information-sharing requirements.”

Imbert said it is an important milestone in the journey toward being removed from the EU tax blacklist by 2025.