The Bahamas Concludes 25th TIEA With Korea

Since 1998, the Organisation for Economic Cooperation and Development ("OECD") has led a charge against "harmful tax practices", with a primary emphasis on the promotion of the exchange of information on economic matters, including financial and tax matters. In affirming its commitment to improving cross-border cooperation, the government of The Bahamas on 4 August 2011 signed a Tax Information Exchange Agreement ("TIEA") with the Republic of Korea ("The Bahamas- Korea TIEA"). This brings the amount of TIEAs to which the Bahamas is party to twenty-five (25). The Bahamas-Korea TIEA marks The Bahamas' fourth with a major Asian economy, with the first three being the Republic of China, India, and Japan.