Guernsey has signed a Tax Information Exchange Agreement (TIEA)
The Island has also put pen to paper with the Seychelles and is
expected to sign with St Kitts and Nevis in the coming days. This
will take the total number of TIEAs signed by Guernsey from 31 to
34 by the end of the year.
The agreement with India was signed on 20 December 2011 by
Guernsey's Chief Minister, Lyndon Trott and the Indian High
Commissioner to the UK, His Excellency Rajesh N. Prasad, at the
Indian High Commission in London. It is Guernsey's
13th bilateral TIEA with a G20 member.
The Chief Minister commented: "I am delighted that Guernsey
is continuing to enhance its relations with the G20 nations and in
particular, with India. The signing of this TIEA comes only weeks
after Guernsey Finance returned from promoting the Island's
finance industry in Mumbai and a year after Guernsey's first
official trade delegation to India."
Peter Niven, Chief Executive of Guernsey Finance – the
promotional agency for the Island's finance industry, added:
"It is vital that Guernsey and its finance industry maintain a
strong presence in the increasingly important financial services
centre that is developing within India. This means continuing to
build our relationship with India and the signing of this TIEA is
an important next step along that road."
Guernsey also signed a bilateral TIEA with the Seychelles at
their Embassy in London. The TIEA was signed by the Chief Minister
and the Seychellois Ambassador to the UK, His Excellency Patrick
Pillay, former Foreign Minister in the Seychelles Government.
The Chief Minister said: "The Global Forum has already
stated how it values our leadership in promoting tax transparency
with developing nations. We have built a strong relationship with
the Seychelles through our engagement with the Southern African
Development Community and this TIEA is a further demonstration of
Guernsey's evolving international identity across the
Rob Gray, Guernsey's Director of Income Tax who leads
negotiations on TIEAs, commented: "We hope to be signing
further TIEAs with members of the Southern African Development
Community in 2012. We share the Global Forum's priority of
promoting and developing information exchange with developing
countries as well as with economic powerhouses such as India. The
two TIEAs we are signing today confirm our broad and deep
commitment to tax transparency."
In addition to the TIEAs with India and the Seychelles, a
further bilateral TIEA is about to be concluded with St Kitts and
Guernsey will have signed Tax Information Exchange Agreements
(TIEAs) with 34 territories by the end of 2011: Argentina,
Australia, Bahamas, Canada, Cayman Islands, China, Czech Republic,
Denmark, Faroe Islands, Finland, France, Germany, Greece,
Greenland, Iceland, India, Indonesia, Ireland, Japan, Mexico,
Netherlands, New Zealand, Norway, Poland, Portugal, Romania, San
Marino, Seychelles, South Africa, Slovenia, St Kitts and Nevis,
Sweden, United Kingdom and the United States of America.
The Miami-based Offshore Alert Conference has become a regular draw for representatives of Cayman’s financial services industry in recent years, and this year’s event is no exception with the Cayman Islands lending strong support through the provision of speakers from both the financial services industry and Government’s Ministry for Financial Services.
The Organisation for Economic Co-operation and Development recently published a report in which the Cayman Islands was commended for the "streamlined, efficient and responsive procedures it has is in place to facilitate the exchange of information for tax purposes".
On 1st April the new UK "Twin Peaks" regulatory regime was launched. The much criticised FSA was replaced with the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA"). Martin Wheatley, the FCA’s chief executive has publicly criticised the approach of the former FSA as "robotic" and a more challenging UK regulatory climate is widely anticipated.
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