New Zealand has signed new Tax Information Exchange Agreement with three countries.

New Zealand has signed Tax Information Exchange Agreements (TIEA) with the Cayman Islands, the British Virgin Islands and Gibraltar. The Gibraltar agreement was signed in a London ceremony, while the other two were signed in Washington DC.

Peter Dunne, New Zealand Revenue Minister, announced these new agreements on the 14th of August. He commented “Recent months have seen a flurry of TIEA signings internationally, as low-tax offshore financial centers seek to achieve a sufficient number of TIEAs to allow them to be seen as meeting the OECD’s standards for transparency and information exchange.”

The TIEA is a bilateral agreement, allowing for procedures by which tax information can be exchanged between two countries, they are aimed at improving tax compliance internationally. The agreements will only come into affect when both countries have given legal effect to them.