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Bermuda signs tax treaty with China
AP - Sun Dec 05, 11:40AM CST
HAMILTON, Bermuda (AP) — Bermuda has signed a tax information-exchange treaty with China.

Bermudian Premier Paula Cox says the treaty is a "significant step forward in cementing political and economic ties" between the Asian giant and the tiny British territory — a low-tax haven where thousands of global companies have set up shop since the 1980s.

Bermuda issued a statement Sunday saying that the tax pact was signed Thursday.

In recent years, Bermuda has been recognized for substantially implementing an international tax standard monitored by the Organization for Economic Cooperation and Development.

It was previously on the organization's "gray list" for not being more transparent with its banking information.

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