Guernsey has welcomed the signing of a Tax Information Exchange Agreement with
India, said to be a major milestone in building business relations with the emerging
market.
The agreement was signed on December 20, 2011 by Guernsey Chief Minister Lyndon
Trott and the Indian High Commissioner to the UK, Rajesh Prasad, at the Indian
High Commission in London. The pact is the thirteenth TIEA signed with members of the G-20.
Commenting on the conclusion of the negotiations, Trott said: “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, the 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 recently signed a bilateral TIEA with the Seychelles in London.
Trott added: “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.”
The latest agreements will bring the total number of TIEAs
signed by Guernsey to 34.
LAWANDTAX-NEWS.COM
