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Guernsey Expands Tax Cooperation With Gulf Region

by Jason Gorringe,, London

04 April 2013

The Guernsey Government has announced the addition of another double tax agreement (DTA), with Qatar, expanding the territory's double tax treaty network to seventeen.

Gavin St Pier, Guernsey's Minister of the Treasury and Resources Department, signed the agreement on behalf of the Government of Guernsey during a meeting in London with Moftah Jassim Al Moftah, Director of Public Revenues and Taxes Department at Ministry of Economy and Finance of Qatar.

Commenting on the significance of the agreement, Fiona Le Poidevin, Chief Executive of Guernsey Finance, the promotional agency for the island’s finance industry, said: “Signing a DTA with Qatar is another important step in diversifying the business base of Guernsey’s finance industry. We have been actively promoting Guernsey’s financial services offering within the Middle East for several years and more recently a number of the island’s firms have established offices in the region."

“The DTA between Guernsey and Qatar deepens the relationship and it also offers significant potential for expanding financial services business. It provides clarity and certainty on matters of taxation, which makes it more attractive to conduct business between the two jurisdictions. A number of Middle Eastern fund managers already have funds domiciled and administered in Guernsey and the island’s fiduciary providers are well versed in providing wealth management services to clients from the region. This DTA makes Guernsey an even more attractive proposition at a time when developments in both the corporate and private client fields mean that we are extremely well placed to cater for a global client base."

The agreement will lay a beneficial legal framework to ensure that income received from bilateral trade and investment is taxed only in one territory, by allocating the taxing rights of the two Governments.

Guernsey now has signed seventeen double tax agreements, including six comprehensive DTAs with the Isle of Man, Jersey, Malta, Qatar, Singapore and the United Kingdom. In addition, Guernsey has signed 40 Tax Information Exchange Agreements (TIEAs), including with 16 members of the Group of Twenty nations (G-20).

TAGS: Isle of Man | Finance | Foreign Account Tax Compliance Act (FATCA) | tax | business | Malta | FATCA | financial services | Guernsey | Jersey | Qatar | Singapore | agreements | legislation | G20 | services | Compliance | Tax

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