Guernsey Signs TIEA With Mexico

by Jason Gorringe, Tax-News.com, London

01 July 2011

The Guernsey government has announced the signing of a Tax Information Exchange Agreement (TIEA) with Mexico.

The agreement with Mexico, which is a member of both the G-20 and the Organization of Economic Cooperation and Development (OECD) and the second-largest economy in Latin America, is the first with a Latin American country and takes the total number of TIEAs signed by Guernsey to 24. Of these, 10 are members of the G-20 group of the world’s major advanced and emerging economies.

Guernsey’s Chief Minister, Lyndon Trott, said: “I am delighted to have signed this TIEA with Mexico. It continues to be a priority for Guernsey to sign TIEAs with such prominent countries. This TIEA is also the first such agreement that Guernsey has signed with a Latin American country."

He added: “The text of the TIEA recognises that Guernsey already provides for co-operation and the exchange of information in criminal tax matters, and [the agreement] demonstrates Guernsey’s commitment to the international standards of wider transparency and exchange of information in tax matters.”

Under the terms of a TIEA, Guernsey will, on request, exchange bank and other information relating to both criminal and civil tax matters.

Guernsey was in the very first wave of territories placed on the OECD ‘white list’ at the conclusion of the G20 summit in London, in April 2009, and earlier this year the Global Forum on Transparency & Exchange of Information for Tax Purposes endorsed Guernsey’s ongoing commitment to tax transparency and exchange of information.

Recommended