Guernsey has signed a comprehensive Double Taxation Agreement (DTA) with Malta.
It is the Island's third extensive DTA – the other two being with the UK and Jersey – and the first to be based on the OECD model convention.
The latest agreement was signed by Guernsey's Chief Minister, Lyndon Trott and Malta's High Commissioner to the UK, His Excellency Joseph Zammit Tabona, at the Malta High Commission in London on Monday 12 March.
Rob Gray, Guernsey's Director of Income Tax, who leads negotiations on tax agreements, said: "I am delighted that the Chief Minister has been able to sign this DTA with Malta's High Commissioner to the UK. This is another significant step in the development of Guernsey's international identity, and in Guernsey's ongoing commitment to tax transparency. This DTA strengthens Guernsey's relationship, politically and economically, with an EU Member State and demonstrates our determination to continue to meet the highest international standards."
The Chief Minister also signed on Tuesday 13 March a Tax Information Exchange Agreement (TIEA) with Turkey at the Turkish Embassy in London. This is Guernsey's 35th TIEA in all and the 14th that the Island has signed with a G-20 state.
Mr Gray added: "Signing this 14th TIEA with a G-20 country is further proof of our standing in the international community on matters of tax transparency. This agreement recognises both jurisdictions' commitment to operate financial regulatory systems that meet the highest international standards in order to combat money laundering, terrorist financing and other financial and fiscal crimes.
"The agreements with Malta and Turkey highlight Guernsey's ongoing commitment to working with the OECD on tax transparency. This commitment is reflected in Guernsey's leading role in the Global Forum, which is the body responsible for monitoring and assessing compliance with international standards in transparency and exchange of information for tax matters."
Guernsey is expecting to sign further DTAs with Qatar, Bahrain, Singapore, Hong Kong, Jersey (revised) and the Isle of Man in the coming months.
Guernsey has signed comprehensive DTAs with: Jersey, Malta and the UK. More limited DTAs have been signed with: Australia, Denmark, the Faroes, Finland, Greenland, Iceland, Ireland, New Zealand, Norway and Sweden.
Guernsey has signed TIEAs with 35 territories: Argentina, Australia, Bahamas, Canada, Cayman Islands, China, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greece, Greenland, Iceland, India, Indonesia, Ireland, Japan, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, San Marino, Seychelles, South Africa, Slovenia, St Kitts and Nevis, Sweden, Turkey, United Kingdom and the United States of America.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
