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Channel Islands Sign New Tax Information Pacts

by Jason Gorringe,, London

10 September 2012

The Channel Islands have signed a total of three tax information exchange agreements (TIEAs) with European Union member states during a series of meetings in London.

Guernsey's Chief Minister, Peter Harwood inked two agreements, with Italy and Latvia, while Jersey's Treasury Minister, Philip Ozouf signed an agreement on behalf of Jersey with Austria.

Welcoming the agreements, Harwood commented:

"Each TIEA that we sign with EU members is a further indication of Guernsey's constructive relationship with EU member states, and of those member states' endorsement of Guernsey's commitment to tax transparency."

"Italy is the eighth largest economy in the world, and it is a founder member of the EU and the G8. Italy is influential in the EU, not least on economic issues. Aside from signing the TIEA, the meeting with [Alain Economides, Italy's] Ambassador was a timely opportunity to re-emphasize Guernsey's commitment to information exchange and meeting international standards. I also hope that it will signify a strengthening of economic and political ties between Italy."

"We have strong links to Latvia, not least through the Latvian community in Guernsey. Signing this agreement strengthens our relationship with Latvia in a formal way, and I am sure that the relationship between our two jurisdictions will continue to be positive."

The two agreements bring the number of pacts successfully concluded by Guernsey to 37 including 15 members of the Group of Twenty nations.

Ozouf, on behalf of Jersey, emphasized the importance of the pact with Austria, stating: “This is another important step forward in Jersey’s programme of entering into tax agreements with all of the EU member states. This reflects our good neighbour policy and our full commitment to compliance with current international standards on transparency and information exchange. With this signing we will have signed a total of 33 tax agreements to the OECD standard of which 15 are with EU member states, and negotiations with a further ten member states are well advanced.”

TAGS: compliance | tax | investment | company formation | tax information exchange agreement (TIEA) | banking | Guernsey | Jersey | Latvia | offshore company formation | offshore | agreements | Austria | Italy | G20 | standards

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