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OECD praises Guernsey for transparency

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A GLOBAL forum that sets the benchmark for tax transparency has praised Guernsey following the conclusion of the island's 50th bilateral Tax Information Exchange Agreement.

A GLOBAL forum that sets the benchmark for tax transparency has praised Guernsey following the conclusion of the island's 50th bilateral Tax Information Exchange Agreement.

The Organisation for Economic Co-operation and Development (OECD) has commended the States for its leadership on tax transparency and co-operation.

The body said the number of exchange agreements (TIEAs) signed would enhance Guernsey's reputation as a 'responsible and transparent financial centre, as recognised by the Global Forum peer review'.

In recent weeks, Guernsey has concluded TIEAs with several jurisdictions, including Switzerland, Gibraltar, Bermuda, Hungary and Slovakia.

It has also signed agreements with Swaziland and Lesotho, members of the Southern African Development Community and the African Tax Administration Forum.

'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,' said Monica Bhatia, the head of the Secretariat to the OECD's Global Forum on Transparency and Exchange of Information.

'This is a very impressive achievement.'

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