A Bill amending the definition of “agreement” regarding Tax Information Exchange Agreements has been passed in the Senate.

The International Co-operation (Tax Information Exchange Agreements) Amendments Act 2016 also added a regulation-making power, according to Senator Michael Fahy.

“It was suggested by some within Bermuda’s legal fraternity that the present definition of ‘agreement’ should be amended to expressly declare, for the avoidance of doubt, that this definition includes requests from the UK under our TIEA with the UK, as well as, under UK Fatca (Fair and Accurate Credit Transactions Act) and other agreements with the UK,” Mr Fahy said.

“We are preparing for the forthcoming OECD (Organisation for Economic Co-operation and Development) review assessment period of our compliance regime, as it pertains to us maintaining international standards under our TIEA agreements and to fulfilling our role in requests for information.

“Having such express provision relating to the agreements that are covered by our TIEA Act will assist in ensuring that Bermuda is well placed to collect tax information in order to comply with our international obligations.”

Senators Kim Wilkerson and Joan Dillas Wright welcomed the amendments along with Marc Daniels, the Opposition Senate Leader, who said they “have our full support”.

Independent senator James Jardine also supported the changes and the Act was passed with no objections.

Meanwhile, the second reading of the Human Rights Amendment (No 2) Act 2016 was moved to next week’s session.