4 April 2013Accounting & tax analysis

Guernsey signs double tax agreement with Qatar

Guernsey has signed a double taxation agreement with Qatar in a move that will cement growing commercial ties between the two domiciles.

Guernsey, which is one of the leading captive domiciles in Europe, has indicated that the move will help to diversifying the Island’s business base and provide increased “clarity and certainty on matters of taxation”, according to Fiona Le Poidevin, chief executive of Guernsey Finance.

Le Poidevin said that “signing a double tax agreement with Qatar is another important step in diversifying the business base of Guernsey’s finance industry. We have been actively promoting Guernsey’s financial services offering within the Middle East for several years and more recently a number of the Island’s firms have established offices in the region.”

There are expectations that Guernsey will sign further tax agreements with other Middle East jurisdictions looking to cement ties with the domicile. Guernsey now boasts 17 double tax agreements – 11 ‘partial’ and 6 ‘full’ agreements. It has also signed 40 tax information exchange agreements, including with 16 members of the G20.