Guernsey has signed a comprehensive Double Taxation Agreement
(DTA) with Malta.
It is the Island's third extensive DTA – the other
two being with the UK and Jersey – and the first to be
based on the OECD model convention.
The latest agreement was signed by Guernsey's Chief
Minister, Lyndon Trott and Malta's High Commissioner to the UK,
His Excellency Joseph Zammit Tabona, at the Malta High Commission
in London on Monday 12 March.
Rob Gray, Guernsey's Director of Income Tax, who leads
negotiations on tax agreements, said: "I am delighted that the
Chief Minister has been able to sign this DTA with Malta's High
Commissioner to the UK. This is another significant step in the
development of Guernsey's international identity, and in
Guernsey's ongoing commitment to tax transparency. This DTA
strengthens Guernsey's relationship, politically and
economically, with an EU Member State and demonstrates our
determination to continue to meet the highest international
The Chief Minister also signed on Tuesday 13 March a Tax
Information Exchange Agreement (TIEA) with Turkey at the Turkish
Embassy in London. This is Guernsey's 35th TIEA in all and the
14th that the Island has signed with a G-20 state.
Mr Gray added: "Signing this 14th TIEA with a
G-20 country is further proof of our standing in the international
community on matters of tax transparency. This agreement recognises
both jurisdictions' commitment to operate financial regulatory
systems that meet the highest international standards in order to
combat money laundering, terrorist financing and other financial
and fiscal crimes.
"The agreements with Malta and Turkey highlight
Guernsey's ongoing commitment to working with the OECD on tax
transparency. This commitment is reflected in Guernsey's
leading role in the Global Forum, which is the body responsible for
monitoring and assessing compliance with international standards in
transparency and exchange of information for tax matters."
Guernsey is expecting to sign further DTAs with Qatar, Bahrain,
Singapore, Hong Kong, Jersey (revised) and the Isle of Man in the
Guernsey has signed comprehensive DTAs with: Jersey, Malta and
the UK. More limited DTAs have been signed with: Australia,
Denmark, the Faroes, Finland, Greenland, Iceland, Ireland, New
Zealand, Norway and Sweden.
Guernsey has signed TIEAs with 35 territories: Argentina,
Australia, Bahamas, Canada, Cayman Islands, China, Czech Republic,
Denmark, Faroe Islands, Finland, France, Germany, Greece,
Greenland, Iceland, India, Indonesia, Ireland, Japan, Mexico,
Netherlands, New Zealand, Norway, Poland, Portugal, Romania, San
Marino, Seychelles, South Africa, Slovenia, St Kitts and Nevis,
Sweden, Turkey, United Kingdom and the United States of
The Miami-based Offshore Alert Conference has become a regular draw for representatives of Cayman’s financial services industry in recent years, and this year’s event is no exception with the Cayman Islands lending strong support through the provision of speakers from both the financial services industry and Government’s Ministry for Financial Services.
The Organisation for Economic Co-operation and Development recently published a report in which the Cayman Islands was commended for the "streamlined, efficient and responsive procedures it has is in place to facilitate the exchange of information for tax purposes".
On 1st April the new UK "Twin Peaks" regulatory regime was launched. The much criticised FSA was replaced with the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA"). Martin Wheatley, the FCA’s chief executive has publicly criticised the approach of the former FSA as "robotic" and a more challenging UK regulatory climate is widely anticipated.
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