Guernsey has signed a Tax Information Exchange Agreement (TIEA)
It was signed by Guernsey's Chief Minister Lyndon Trott and
the Portuguese Secretary of State for Tax Affairs Professor Sergio
Vasques. The ceremony took place on Friday 9th July at
the Portuguese Embassy in London where the other Crown Dependencies
– Jersey and the Isle of Man – also signed
Under the terms of the TIEA, Guernsey will, on request, exchange
bank and other information relating to both criminal and civil tax
matters. It means that Guernsey has now signed a total of 16
The Island's commitment to exchange of information
contributed to its inclusion on the G20 'white list'
published on 2 April 2009 and Guernsey has been recognised as
having substantially implemented the OECD's internationally
agreed tax standard on exchange of information.
"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," said the Chief Minister.
"Guernsey is committed, not only to ensuring that it has
completed its programme of entering into tax information exchange
agreements with all its significant trading partners, but also to
ensuring the prompt and effective implementation of these
The Island is continuing to negotiate further TIEAs and expects
to sign more in the near future.
It comes as Chief Minister Trott became the first of the three
Chief Ministers from Guernsey, Jersey or the Isle of Man to meet
the new UK Government Minister with responsibility for links with
the Crown Dependencies. He met Lord McNally, the new Minister of
State at the Ministry of Justice, while in London for a series of
meetings and briefings with UK Parliamentarians.
The Chief Minister said: "Lord McNally and I had a very
constructive conversation on a wide range of issues relevant to the
Guernsey-UK working relationship. It was a highly productive
discussion, and I am looking forward to working closely with him
over the coming months and years."
While in London the Chief Minister also met with the high
profile Speaker of the House of Commons, Jon Bercow MP, and former
Chancellor of the Exchequer, the Rt Hon Alistair Darling MP.
In addition, he briefed the Chair and new officers of the
All-Party Parliamentary Group for the Channel Islands, met with a
number of the newly-elected members of the House of Commons
Treasury Select Committee, briefed a newly-elected Conservative MP
who until the General Election was Chancellor George Osborne's
Chief of Staff and met with one of the UK's leading
constitutional experts in the House of Lords.
Chief Minister Trott added: "It has been an extremely
useful visit to London. Aside from meeting the new Minister, I have
had the opportunity to brief a number of very influential UK
Parliamentarians on issues of direct relevance to the people and
economy of Guernsey. We already have strong relationships across
the new coalition Government in the UK – today was about
building even stronger relationships with the Government and across
the UK Parliament."
Guernsey has now signed TIEAs with 16 jurisdictions: Australia,
Denmark, the Faroes, Finland, France, Germany, Greenland, Iceland,
Ireland, the Netherlands, New Zealand, Norway, Portugal, Sweden,
the UK and the US.
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