6 November 2013Accounting & tax analysis

Bermuda TIEA makes 50 for Guernsey

Guernsey, which just signed its 50th Tax Information Exchange Agreement (TIEA), has been commended for its leadership by the Organisation for Economic Cooperation and Development (OECD).

In recent weeks the jurisdiction has penned agreements with Switzerland, Gibraltar, Slovakia, Hungary, Swaziland and Bermuda, amongst others.

Monica Bhatia, head of the secretariat to the OECD’s global forum on transparency and exchange information, said: “Guernsey has shown that a small jurisdiction with a clear commitment to transparency and exchange of information and strong engagement with partners can set the pace in developing an extensive network of tax information exchange agreements. This is a very impressive achievement.”

Gavin St Pier, Guernsey’s treasury and resources minister, added: “Guernsey’s long-standing commitment to tax transparency is a central factor in cementing the jurisdiction’s reputation as a sustainable, stable and good place to do business. Our reputation and our competitiveness as an international finance centre are inextricably linked.”