Guernsey signs tax agreement with Portugal
The States of Guernsey has concluded a further agreement for the international exchange of tax information.
The Tax Information Exchange Agreement with Portugal, signed at the Portuguese Embassy in London on Friday 9th July, is the 16th signed by Guernsey. Also present at a joint ceremony were Jersey’s Chief Minister and the Treasury Minister of Isle of Man, who each signed similar agreements on behalf of their governments.
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.
Chief Minister Lyndon Trott signed the agreement with Portuguese Secretary of State for Tax Affairs, Professor Sergio Vasques.
Deputy Trott said: “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.
“Guernsey is committed, not only to ensuring that it has completed its programme of entering into tax information exchange agreement with all its significant trading partners, but also to ensuring the prompt and effective implementation of these agreements.”
Professor Vasques welcomed the strengthening of economic links between Guernsey and Portugal, and acknowledged Guernsey’s membership of the community of nations committed to international tax cooperation and information exchange on tax matters. He confirmed that Guernsey would be treated accordingly by the Portuguese authorities.
The island is continuing to negotiate further TIEAs and expects to sign more in the near future.
Under the terms of the TIEA, Guernsey will, on request, exchange bank and other information relating to both criminal and civil tax matters.
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