Czech Republic: Tax Information Exchange Agreement (TIEA) between the Czech Republic and Cook Islands entered into force

UniCredit Bank Czech Republic and Slovakia,a.s.
Summary: 
Tax Information Exchange Agreement (TIEA) between the Czech Republic and Cook Islands entered into force
Tue, 30/08/2016

The agreement for the exchange of information regarding tax related matters between the Czech Republic and the Cook Islands was signed on 4 February 2015 in Auckland. The agreement  was published in the Collection of International Treaties under no. 34/2016 on 11 July 2016.

The objective of this Agreement is to allow for the exchange of information regarding selected taxes to which the parties have agreed upon. This applies to all types of taxes in the Czech Republic whereas in the Cook Islands, it only applies to the income tax of individuals, withholding tax and value added tax for legal entities. The agreement entered into force in accordance with Article 15 on 10 May.

This agreement requires all competent authorities to comply with any requests made by the contacting state regarding information for assessment, tax collection and the enforcement of tax.

Impact on investors:  The TIEA between the Czech Republic and Cook Islands entered into force.