Guernsey has announced the signing of its fifteen Tax Information Exchange Agreement (TIEA), with Australia, signed at the Australian High Commission in London on October 7.
The agreement was signed by Guernsey Chief Minister Lyndon Trott and Australian High Commissioner in the UK, John Dauth.
The agreement is evidence of the island’s ongoing commitment to the OECD standard on transparency and information exchange, which was recognized in its inclusion on the G20 ‘white list’.
Trott said: “Our recognition by the G20 was an important milestone for Guernsey’s future as a premier international financial centre, but we have not stopped there."
“Guernsey is committed, not only to ensuring that it has completed its programme of entering into tax information exchange agreement with all its significant trading partners, but also to ensuring the prompt and effective implementation of these agreements.”
An agreement for the allocation of taxing rights and the mutual agreement of transfer pricing adjustments was also signed at the same time.
On behalf of Australia, Dauth welcomed Guernsey’s continuing commitment to maintaining the highest levels of transparency and said that “the signing of these agreements will further enhance the political and economic relationship between Australia and Guernsey, including by further clarifying elements of double taxation, discrimination and other undesirable tax barriers.”
Guernsey has already concluded TIEAs with Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Sweden, United Kingdom and the United States.
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.asp
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