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Guernsey Signs Three Tax Cooperation Pacts

by Jason Gorringe,, London

11 February 2013

Guernsey's Chief Minister, Peter Harwood, has signed a Double Taxation Agreement with Singapore's High Commissioner, Thambynathan Jasudasen, and a further two bilateral tax information exchange agreements (TIEAs) with Brazil and Mauritius, whilst in London for a series of meetings.

Harwood stated: "Our relationship with Singapore is of great value. I am delighted to be able to sign this agreement, not only because it acts as an indicator of how seriously we treat tax transparency, but also because Singapore is an area of significance for our financial services industry. This agreement strengthens the economic and political ties between Guernsey and the territory."

Guernsey's new TIEAs with Mauritius and Brazil were signed by Mauritius High Commissioner, Abhimanu Kudasamy, and Brazil's Ambassador to the UK, Roberto Jaguaribe.

At the ceremonies, Harwood said in respect of the Mauritius agreement that: "Guernsey has already negotiated a number of Agreements with members of the Southern African Development Community (SADC), supported by the Organization for Economic Cooperation and Development. This helps to strengthen the abilities of those developing countries to better protect their tax revenues, as well as to build economic ties. To sign an agreement with another member of SADC is an important step, particularly one such as Mauritius, a developing financial center and the next Chair of the Commonwealth."

Referring to the Brazil agreement, he added: "I am very pleased to be able to sign this Agreement with Brazil; it will ensure that the important business links that are being developed continue to grow. The TIEA has been signed at an advantageous time because these business links will only be further improved by the current Guernsey Finance visit to Brazil."

The signing of these latest TIEAs takes Guernsey's total of agreements - that meet the internationally agreed standard on tax transparency and information exchange - to 40, with 16 having been signed with members of the Group of Twenty nations.

TAGS: compliance | tax | investment | business | tax information exchange agreement (TIEA) | double tax agreement (DTA) | tax compliance | Mauritius | tax avoidance | law | international financial centres (IFC) | Guernsey | Singapore | enforcement | offshore | agreements | Brazil

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