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Bermuda has signed a Tax Information Exchange Agreement with economic powerhouse China.
Premier Paula Cox and Wang Li, deputy commissioner of the State Administration of Taxation of China, finalised the agreement at Camden.
A delegation from the People’s Republic of China joined Government Senators, Ministers and Opposition leaders at the ceremony.
The document is Bermuda’s 24th TIEA and China’s sixth.
The Asian nation is the second largest trading country in the world, with the biggest population.
Bermuda’s Gross Domestic Product dropped 5.8% in 2009 or 8.1 percent when adjusted for inflation as the global recession continues to impact on the island’s economy. GDP, which measures the total value of goods and services produced in Bermuda, totalled $5.7 billion in 2009 according to new figures released by the Statistics Department on December 3rd.
“Financial intermediation, international business, hotels and restaurants, and the construction industry all suffered large declines in domestic output,” said the department. “The main factors contributing to the weaker growth performances were job losses, plummeting profits and reduced consumer spending.
Port of Spain Trinidad
Diego Martin Central MP Dr Amery Browne had the last evening became the only MP ever to be silenced by a previously unused standing order after being described as "disrespectful" by House Speaker Wade Mark.
Browne was last evening contributing to the Anti-Gang Bill at the Red House, Port of Spain, when the motion was moved against him.
He pointed out a peace walk in Covigne Road, Diego Martin, and two HIV awareness projects had been cancelled by the Youth Division of the Ministry of Sport and Youth Affairs and questioned whether the division was missing funds.
In his 219th Test innings Chanderpaul, hit three boundaries to record his 55th Test half-century.
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