Guernsey’s commitment to meeting international standards of transparency and exchange of information in tax matters was further underlined last week, with the signing of a Tax Information Exchange Agreement (TIEA) with the Republic of Slovenia.
Iztok Jarc, Ambassador of the Republic of Slovenia, and Lyndon Trott (pictured), Guernsey’s Chief Minister, signed the agreement at a ceremony in the Island’s capital, St Peter Port, on Monday 26th September.
The Chief Minister says: “I was honoured to welcome His Excellency, Iztok Jarc, to Guernsey for the signing of this important agreement. The signing of this TIEA is yet another example of Guernsey’s commitment to continue meeting, and indeed exceeding, the international standards of transparency and exchange of information for tax purposes set by the Organisation for Economic Co-operation and Development.”
The bilateral agreement with Slovenia brings the total number of TIEAs signed by Guernsey to 29*. It is the Island’s thirteenth such agreement with an EU Member State and the nineteenth with a member of the Organisation for Economic Co-operation and Development (OECD), the international economic organisation responsible for setting the globally accepted principles of transparency and exchange of information for tax purposes.
Earlier this year, the OECD’s Global Forum on Transparency & Exchange of Information for Tax Purposes published a report confirming that Guernsey had not only followed through its 2002 commitment to observe the OECD principles but had made substantive developments in expanding its exchange of information network.
Prior to Slovenia, Guernsey’s previous TIEA was signed with the Czech Republic in mid September.