Bermuda Signs Tax Information Agreement with Aruba

HAMILTON, Bermuda--(Business Wire)--
Bermuda`s Minister of Finance the Hon. Paula A. Cox announced that Bermuda today
concluded a bilateral agreement with Aruba that provides for a full exchange of
information on criminal and civil tax matters between Bermuda and Aruba.

The tax information exchange agreement (TIEA) marks Bermuda`s eighteenth signed
TIEA and further demonstrates Bermuda`s commitment to substantially implement
the internationally agreed tax standard.

Commenting on the Agreement, Minister Cox said, "It is a particular pleasure for
me to sign this document with Aruba, an overseas territory of the Kingdom of
Netherlands, following our signing with the Netherlands on June 8th, which
itself marked our 12th signed TIEA. Our TIEA with the Netherlands satisfied the
Organization for Economic Cooperation and Development (OECD) standard and
resulted in Bermuda being the first country to ascend to the white list from the
grey list. Bermuda now having concluded a TIEA with Aruba today, and with
Netherlands Antilles on September 28th, draws Bermuda that much closer to the
Netherlands and its overseas territories."

Bermuda presently has agreements with the United States, United Kingdom,
Australia, New Zealand, the Nordic Group (including Denmark, Finland, Iceland,
Norway and Sweden and their associated territories the Faroe Islands and
Greenland), Germany, The Kingdom of the Netherlands, Ireland, Netherlands
Antilles, and Mexico. These Agreements are available for review on the
Organization for Economic Cooperation and Development website at www.oecd.org.

Bermuda`s TIEA with Aruba includes all standard means to ensure due process is
followed in tax information requests to Bermuda, including, but not limited to,
the following provisions: the request must not pertain to information in the
possession or control of a person other than the taxpayer that does not relate
specifically to the tax affairs of the taxpayer; the information is protected
from disclosure under the laws of Bermuda on the grounds of legal professional
privilege; the requesting party`s request for information must be obtainable
under its own laws for the purposes of the administration or enforcement of its
tax laws or in response to a valid request from the Minister under the
agreement; the disclosure of the information must not be contrary to public
policy; the requesting party must keep the information confidential and may not
disclose it to any unauthorized person.

Bermuda`s Ministry of Finance
Laura Semos, (1 441) 297-7514
ljsemos@gov.bm
or
Media:
Marston Webb International
Victor Webb/Bill Keegan, 212-684-6601
marwebint@cs.com

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