Guernsey has signed tax information exchange agreements (TIEAs) with Italy and Latvia, taking the number of TIEAs signed by Guernsey to 37.
TIEAs are designed to facilitate external tax authorities requesting specific information from the Island authorities to combat tax evasion and fraud. The bilateral agreements were signed on 6 September.
Deputy Peter Harwood, Guernsey’s chief minister said in a recent statement: "Our relationships with the Member States of the European Union are of paramount importance in helping Guernsey protect and promote its interests,”
“Each TIEA that we sign with EU members is a further indication of Guernsey's constructive relationship with EU member states, and of those member states' endorsement of Guernsey's commitment to tax transparency."
Harwood signed both TIEAs on behalf of Guernsey. Italy’s TIEA was signed by the Italian Ambassador to the UK, Alain Economides. The Latvian agreement was endorsed by Eduards Stiprais, the Latvian ambassador to the UK.
Commenting on the agreements Harwood said:
"Italy is the eighth largest economy in the world, and it is a founder member of the EU and the G8. Italy is influential in the EU, not least on economic issues. Aside from signing the TIEA, the meeting with the Ambassador was a timely opportunity to re- emphasise Guernsey's commitment to information exchange and meeting international standards. I also hope that it will signify a strengthening of economic and political ties between Guernsey and Italy."
"We have strong links to Latvia, not least through the Latvian community in Guernsey. Signing this agreement strengthens our relationship with Latvia in a formal way, and I am sure that the relationship between our two jurisdictions will continue to be positive."
Rob Gray, Guernsey's Director of Income Tax, said: "These TIEAs take the number of TIEAs signed by Guernsey to 37 - including 15 of the G20 members. Guernsey's growing network of tax agreements illustrates its ongoing commitment to meeting and exceeding international standards in tax transparency."
