The Cook Islands and the Czech Republic signed a new Tax Information Exchange Agreement (TIEA), which allows the authorities to check whether the income or assets of Czech taxpayers were properly taxed.
The competent authorities of the contracting states will provide information regarding proper detection, assessment and assertion of the payment of taxes upon request.
The Czech Republic has responded to the need to enhance the mutual exchange of information with jurisdictions with preferential tax regimes.
The treaty will enter into force after the Parliament’s approval and President’s signature.
Impact on investors: The new TIEA between the Cook Islands and the Czech Republic was signed, which allows the authorities to check whether the income or assets of Czech taxpayers were properly taxed.