Guernsey extends TIEAs to Czech Republic and Bahamas

Guernsey has signed Tax Information Exchange Agreements (TIEAs) with the Czech Republic and the Bahamas.

Guernsey’s Chief Minister, Lyndon Trott (pictured), signed the Czech TIEA at the Republic’s Embassy in London in early September and the Bahamas TIEA was signed by correspondence in August.

The signature of these two agreements brings the total number of TIEAs signed by Guernsey to 28. There are now 18 such agreements signed with OECD members.

The push for greater tax transparency is part of an ongoing trend in Europe. Sweden has proposed TIEAs with Costa Rica, Switzerland and Liechtenstein over the course of 2011. Switzerland has also signed similar tax information sharing agreements with Germany and the UK this summer.

TIEAs are bilateral agreements developed and recognised by the OECD as being the international standard of effective exchange of tax information. Under the terms of a TIEA, the signatories will, on request, exchange bank and other information relating to criminal and civil tax matters, deterring potential avoidance or evasion.

The 28 territories Guernsey has now signed TIEAs with include Argentina, Australia, Bahamas, Canada, Cayman Islands, China, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greece, Greenland, Iceland, Indonesia, Ireland, Mexico, Netherlands, New Zealand, Norway, Portugal, Romania, San Marino, South Africa, Sweden, United Kingdom and the United States of America.

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