Bermuda and the Czech Republic negotiators met this week to finalise discussions on a tax information exchange agreement (TIEA) between the two countries.Premier and Finance Minister Paula Cox said that the text of the agreement now had to be approved by herself and the Czech Republic Finance Minister before it could be scheduled for signing later this year.The negotiated text follows the Organisation for Economic Co-operation and Development (OECD) model TIEA and will provide for a full exchange of information on criminal and civil tax matters between the two countries.It includes provisions to protect the confidentiality of information provided, as well as adhering to public policy, provisions related to protecting legal privilege, and to ensure that requests for information from the Czech Republic are relevant to tax investigations being conducted by its authorities.Additionally, in keeping with the internally agreed tax standard reflected in the OECD model TIEA, the negotiated text between the two countries includes no obligation to obtain or provide ownership information for publicly-traded companies or public collective investment funds or schemes unless the information can be gathered without giving rise to disproportionate difficulties.Negotiations took place at the Ministry of Finance, where meetings were held between the treaty unit and the Czech Republic’s Ministry of Finance Central Financial and Tax Directorate, including discussions on a number of issues of common interest.Premier Cox said: “I am delighted today for the treaty negotiating teams of Bermuda and the Czech Republic to have finalised negotiation of the text of the TIEA. The Czech Republic is a remarkable country with a long history and is a member of the European Union and the OECD and Bermuda is pleased to open this chapter of formalized relationship between our two countries.“She continued: “Negotiating these TIEAs honours the commitment that both countries have made to uphold the internationally agreed tax standard advanced by the G20 and the OECD and as such it also serves to safeguard Bermuda’s reputation as a respected international financial centre and underpins our continued attraction as a domicile to international business which is so key to our economy to the benefit of all Bermudians.“In these difficult economic times TIEAs have their role and play their part in protecting what we have and positions us to continue to grow the international business sector which at the same time allows us to apply resources to work to diversify our economy.”Czech officials are expected to be among those visiting the Island in May for the 2011 OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.