Signing of the Tax Agreement between the Government of Japan and the Government of Bermuda
February 1, 2010
- “Agreement between the Government of Japan and the Government of Bermuda for the Exchange of Information for the Purpose of the Prevention of Fiscal Evasion and the Allocation of Rights of Taxation with respect to Income of Individuals” (Tax Agreement between the Government of Japan and the Government of Bermuda) was signed on 1 February, 2010, in London(the U.K.) by Mr. Sumio Kusaka, Charge d'Affaires ad interim of Japan to the U.K. and The Hon. Paula A. Cox, JP, MP, Minister of Finance of Bermuda.
- This Agreement provides for a detailed mechanism for the exchange of tax information, with a view to preventing cross-border fiscal evasion and tax avoidance, and also provides for tax exemption with respect to income of individuals such as pensions, for the purpose of promoting personal exchange between Japan and Bermuda. This Agreement is the first international agreement focused on the exchange of tax information that Japan signs, and it will be Japan’s practical contribution in expanding the international information exchange network aimed at the prevention of cross-border fiscal evasion and tax avoidance.
- This Agreement will enter into force on the thirtieth day after the date of exchange of diplomatic notes indicating that this Agreement has been approved in accordance with the legal procedures of each Party (in the case of Japan, approval by the Diet will be necessary).