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70/09

22 July 2009

UK welcomes Tax Information Exchange Agreements signed by Guernsey

The United Kingdom welcomes Guernsey’s progress in signing Tax Information Exchange Agreements, which strengthen its reputation as a jurisdiction committed to good governance in tax matters.  

Noting that Guernsey has concluded its fourteenth agreement, Financial Secretary to the Treasury, Stephen Timms, said:

“I warmly welcome Guernsey’s continuing progress in concluding Tax Information Exchange Agreements.  Guernsey’s firm commitment to transparency and exchange of information in tax matters is very encouraging, and I call on others to follow their example”.  

The United Kingdom also recognises that Guernsey is committed to international standards of anti-money laundering legislation and practice, counter terrorist financing legislation and financial regulation, and that Guernsey participates in international efforts to combat financial crimes.

Notes for editors

1. Guernsey has signed Tax Information Exchange Agreements with the following jurisdictions:  Denmark, Faroe Isles, Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands,  New Zealand, Norway, Sweden, United Kingdom, United States.

2. Tax Information Exchange Agreements allow governments to enforce their domestic tax laws by exchanging, on request, information relevant for tax assessment and compliance purposes.  They are based on principles of transparency and exchange of information developed by the OECD and endorsed by the G20.

3. In its progress report on the implementation of the internationally agreed tax standard, issued in conjunction with the G20 London Summit of 2 April 2009, the OECD lists Guernsey as a jurisdiction that has substantially implemented the internationally agreed standard.

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