Guernsey has signed Tax Information Exchange Agreements (TIEAs) with the Czech Republic and the Bahamas.
Guernsey’s Chief Minister, Lyndon Trott (pictured), signed the Czech TIEA at the Republic’s Embassy in London last week. The Bahamas TIEA was signed last month, by correspondence.
The signature of these two agreements brings the total number of TIEAs signed by Guernsey to 28*.
“Guernsey is resolutely committed to meeting international standards of tax transparency, and the signature of these agreements further enables us to do so”, said the Chief Minister.
“I am particularly delighted that, with the completion of the Czech agreement, Guernsey has now signed TIEAs with 18 members of the OECD.”
TIEAs are bilateral agreements developed and recognised by the OECD as being the international standard of effective exchange of tax information.
Under the terms of a TIEA, the signatories will, on request, exchange bank and other information relating to both criminal and civil tax matters. The existence of such TIEAs also acts as a deterrent to potential avoidance or evasion.
