The tax information exchange agreement (TIEA) between Guernsey and the People’s Republic of China entered into force on August 17, 2011.
Incorporating the internationally-agreed Organization for Economic Cooperation and Development (OECD) standard for the exchange of information upon request, the agreement will give the tax authorities of both countries a greater ability to exchange taxpayer information. Under the terms of a TIEA, the signatories will be able, on request, exchange bank and other information relating to tax matters.
The agreement was originally signed in October last year during the visit of a Chinese delegation headed by Xiao Jie, the Commissioner of the State Administration of Taxation. Speaking during his visit, Xiao Jie confirmed China’s wish to strengthen its economic and trading relationship with Guernsey.
Recently, Guernsey’s government has said that the completion of TIEAs underlines Guernsey’s on-going commitment to the international standards of wider transparency and exchange of information in tax matters, and that 26 countries have now signed TIEAs with Guernsey.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.aspTags: tax | law | offshore | agreements | offshore confidentiality | tax information exchange agreement (TIEA) | China | Guernsey | China | Guernsey
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment