TURKS AND CAICOS ISLANDS TAX INFORMATION EXCHANGE (AMENDMENT) ORDINANCE 2014 (Ordinance 3 of 2014) ARRANGEMENT OF SECTIONS SECTION
1. 2. 3. 4. 5. 6. 7.
Short title and commencement Interpretation Section 1 substituted Section 2 amended Section 3 substituted Sections 5A and 5B inserted Section 10 amended
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TURKS AND CAICOS ISLANDS (Ordinance 3 of 2014) Assent………………………………………………….4th February 2014 Publication in Gazette……………………………….7th February 2014 Commencement……………………………………...7th February 2014 AN ORDINANCE TO AMEND THE TAX INFORMATION ORDINANCE; AND FOR MATTERS CONNECTED THERETO.
EXCHANGE
ENACTED by the Legislature of the Turks and Caicos Islands.
Short title and commencement 1. This Ordinance may be cited as the Tax Information Exchange (Amendment) Ordinance 2014 and shall come into operation on publication.
Interpretation 2. In this Ordinance, the “principal Ordinance” means the Tax Tax Information Exchange Ordinance.
Section 1 substituted 3. The principal Ordinance is amended by repealing section 1 and substituting it with—
“Short title 1. This Ordinance may be cited as the Tax Information (Exchange and Mutual Administrative Assistance) Ordinance.”.
Section 2 amended 4. Section 2 of the principal Ordinance is amended—
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(a) by repealing the definition of “Agreement” and substituting it with ““Agreement” means— (a) the Ireland Agreement; (b) any agreement to which this Ordinance applies by virtue of an Order made under section 3 (5);”; and (b) by inserting in its appropriate alphabetical position, the following definition— ““Tax agreement” means any agreement, arrangement or convention relating to exchange of information or mutual assistance in tax matters applicable to or entered into by the Turks and Caicos Islands, and includes a Tax Information Exchange Agreement (TIEA);”; and “Tax Information Exchange Agreement (TIEA)” means the Ireland Agreement and any agreement similar to it;”. Section 3 substituted 5. The principal Ordinance is amended by repealing section 3 and substituting it with— “Implementation of Agreement 3. (1) This Ordinance shall apply for the purposes of giving effect to the terms of the Agreement for the provision of mutual administrative assistance and information in tax matters. (2) Notwithstanding anything contained in this Ordinance or in any Agreement— (a) anything required of the Competent Authority in accordance with an Agreement shall be dealt with in such manner as would be consistent with and satisfy the requirements of the Agreement, and the action taken by the Competent Authority to do such a thing shall be treated as a power the Competent Authority has under this Ordinance; and (b) the date of entry into force of a Tax Information Exchange Agreement (TIEA), shall not be construed to prevent the Competent Authority from requesting or receiving information in relation to criminal tax matters that occurred prior to the coming into force of that Agreement or this Ordinance. (3) An Agreement shall have legal effect in the Islands for such period as is specified in the Agreement.
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(4) Where the parties amend the Ireland Agreement, the Governor may, by Order, amend the Schedule accordingly. (5) Where the Government becomes a party to a Tax agreement, the Governor may, by Order, provide that this Ordinance shall apply to that agreement with such necessary modifications as may be specified in the Order, and the text of that agreement shall be set out in a Schedule to that Order.”. Sections 5A and 5B inserted 6. The principal Ordinance is amended by inserting immediately after section 5, the following sections— “Automatic exchange of information 5A. (1) The Competent Authority may automatically exchange information with another State in accordance with an Agreement. (2) The information to be exchanged in terms of subsection (1), and the procedures to exchange such information shall be set out in an Agreement. “Spontaneous exchange of information 5B. (1) The Competent Authority may, where it has knowledge of any information or any information has come to its attention, which it finds to be relevant for tax purposes and compliance, transmit that information to the competent authority of another State. (2) The procedures to be used to exchange information in terms of subsection (1) shall be set out in an Agreement.”. Section 10 amended 7. Section 10 of the principal Ordinance is amended by inserting immediately after the word “request” where it occurs for the first and third time, the words “or exchange of information on an automatic or spontaneous basis”. _________________________
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