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Agreement in Principle on the Tax Agreement centered on the Exchange of Information between the Government of Japan and the Government of Bermuda

June 26, 2009
Japanese

1. The Government of Japan and the Government of Bermuda, as the result of the intergovernmental negotiations, have agreed in principle on an Agreement for the exchange of information on taxes and the allocation of the right to tax with respect to income of individuals.
    
2. The Government of Japan welcomes this Agreement which enables both tax authorities to carry out the effective exchange of information regarding tax matters in accordance with the international standard, and demonstrates Bermuda’s commitments to combating international fiscal evasion and tax abuse, the importance of which has been reiterated in a series of international conferences.
    
3. It is expected that the active efforts by both Governments to enhance transparency and to ensure the effectiveness of the exchange of information, in accordance with the international standard, will contribute to the prevention of international tax evasion and tax abuse.
    
4. This Agreement includes provisions aimed at exempting tax at source for certain income of individuals such as pension income, so that personnel exchange between Japan and Bermuda should be promoted.
    
5. After the respective Governments have completed their domestic procedures, the text of the Agreement will be authenticated by the signature. This Agreement will enter into force, after the completion of the domestic procedures for the conclusion of the Agreement (in the case of Japan, approval by the Diet will be necessary).