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Guernsey has signed a Tax Information Exchange Agreement (TIEA)
with India.
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
globe."
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
Nevis.
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.
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The Foundations Law 2012 came into force on 8 January 2013 and the Guernsey Registry has been accepting applications for registration since 9 January 2013.
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