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Guernsey Concludes TIEA With India

by Jason Gorringe,, London

26 December 2011

Guernsey has welcomed the signing of a Tax Information Exchange Agreement with India, said to be a major milestone in building business relations with the emerging market.

The agreement was signed on December 20, 2011 by Guernsey Chief Minister Lyndon Trott and the Indian High Commissioner to the UK, Rajesh Prasad, at the Indian High Commission in London. The pact is the thirteenth TIEA signed with members of the G-20.

Commenting on the conclusion of the negotiations, Trott said: “I am delighted that Guernsey is continuing to enhance its relations with the G20 nations and in particular, with India. The signing of this TIEA comes only weeks after Guernsey Finance returned from promoting the island’s finance industry in Mumbai and a year after Guernsey’s first official trade delegation to India.”

Peter Niven, the Chief Executive of Guernsey Finance, the promotional agency for the island’s finance industry, added: “It is vital that Guernsey and its finance industry maintain a strong presence in the increasingly important financial services centre that is developing within India. This means continuing to build our relationship with India and the signing of this TIEA is an important next step along that road.”

Guernsey also recently signed a bilateral TIEA with the Seychelles in London.

Trott added: “The Global Forum has already stated how it values our leadership in promoting tax transparency with developing nations. We have built a strong relationship with the Seychelles through our engagement with the Southern African Development Community and this TIEA is a further demonstration of Guernsey’s evolving international identity across the globe.”

Rob Gray, Guernsey’s Director of Income Tax who leads negotiations on TIEAs, commented: “We hope to be signing further TIEAs with members of the Southern African Development Community in 2012. We share the Global Forum’s priority of promoting and developing information exchange with developing countries as well as with economic powerhouses such as India. The two TIEAs we are signing today confirm our broad and deep commitment to tax transparency.”

The latest agreements will bring the total number of TIEAs signed by Guernsey to 34.

TAGS: tax | business | tax information exchange agreement (TIEA) | India | law | financial services | international financial centres (IFC) | Guernsey | offshore | G20 | Seychelles | services

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