Guernsey has concluded another agreement for the international exchange of tax information.

The Tax Information Exchange Agreement (TIEA) with Australia, signed at the Australian High Commission in London on Wednesday 7 October, is the 15th signed by Guernsey.

The Island's commitment to exchange of information contributed to its inclusion on the OECD 'white list' published at the conclusion of the G20 summit in London on 2 April 2009 and Guernsey has been recognised as having substantially implemented the OECD's internationally agreed tax standard on exchange of information.

Chief Minister Lyndon Trott signed the agreement with the Australian High Commissioner in the UK, His Excellency Mr John Dauth LVO.

The Chief Minister 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.

Mr 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 previously signed Tax Information Exchange Agreements with Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Sweden, United Kingdom and United States of America.

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