The OECD has commended Guernsey for its leadership on tax transparency and cooperation.
Guernsey has recently concluded bilateral transparency and exchange of information agreements (TIEAs) with jurisdictions including Switzerland, Gibraltar, Bermuda, Hungary and Slovakia, Swaziland and Lesotho.
The latest TIEA to be signed, with Bermuda, marked Guernsey’s 50th.
Monica Bhatia, head of the secretariat to the OECD’s Global Forum on Transparency and Exchange of Information, said: “Guernsey has shown that a small jurisdiction with a clear commitment to transparency and exchange of information and strong engagement with partners can set the pace in developing an extensive network of tax information exchange agreements.”
The praise from the OECD follows similar sentiments from UK Prime Minister David Cameron earlier this year. In September, he made a statement that said there are no grounds on which to consider Guernsey a tax haven.
Guernsey started negotiating TIEAs in 2001 and signed its first, with the US, in 2002.
The Island’s policy since then has been to demonstrate its commitment to transparency and exchange of tax information by negotiating agreements with as many jurisdictions as possible.
Rob Gray, Guernsey’s director of tax, said: “This is an important milestone, but the work goes on, however, as we try to arrange the signature of the 17 further TIEAs and DTAs, which have already been finalised, and complete negotiations on several other agreements we currently still have under discussion.”
