MPs will today debate the International Cooperation (Tax Information Exchange Agreements) Act 2005 was tabled in the House of Assembly on Friday.

The bill will enable the Minister of Finance, Paula Cox, to implement tax information exchange agreements concluded between the Government of Bermuda and other jurisdictions, including a recently signed agreement with Australia.

This information includes any fact, statement or record in any form whatever that is relevant or material to tax administration and enforcement.

The Minister may decline a request for assistance where the requesting party does not agree to pay the costs of providing the assistance, whether incurred by the Minister or any other person.

The Minister may also decline a request for assistance if:

the information is not present in Bermuda;

the information relates to a period that is more than six years prior to the tax period in respect of which the request is made;

the request pertains to information in the possession or control of a person other than the taxpayer that does not relate specifically to the tax affairs of the taxpayer;

the information is protected from disclosure under the laws of Bermuda on the grounds of legal professional privilege;

The requesting party would not be able to obtain the information under its own laws for the purposes of administration or enforcement of its tax laws; or in response to a valid request from the Minister under the agreement; the disclosure of the information would be contrary to public policy; or the Minister is not satisfied that the requesting party will keep the information confidential and will not disclose it to any person other than the person or authority in its own jurisdiction for the purposes of the administration and enforcement of its tax laws or a person employed or authorised by the government of the requesting party to oversee data protection.

The Minister may, by notice in writing served on any person in Bermuda, require the person to provide any information that the Minister may require with respect to a request for assistance by a requesting party.

A person on whom a notice has been served, shall provide the information specified in the notice to the Minister, within the period specified in it, but a person is not required to comply with a request for information if the information is not in Bermuda or is not in the persons? possession or control.

Anyone committing an offence is liable on summary conviction to imprisonment for a term not exceeding six months, or to a fine not exceeding $5,000, or to both.