with the UK for multiple years and has signed DTAs with Malta, in 2012, and earlier this year with Isle of Man, Jersey, Qatar, Singapore and even Hong Kong last month.
Treasury and Resources Minister of Guernsey said, "This is an important further component in Guernsey's network of tax agreements. Following on so closely from the signing of our DTA with Hong, it is further demonstration of Guernsey meeting the highest global standards of international tax co-operation."
Rob Gray, Guernsey's Director of Income Tax said, "This DTA will create a mechanism for alleviating double taxation and exchanging tax information with Luxembourg relating to both corporate and personal incomes. It also means that Guernsey's network of agreements continues to cover the majority of EU Member States and G20 countries."
In addition to agreements with major international finance centers such as Luxembourg, Guernsey is continuing to conclude Tax Information Exchange Agreements (TIEAs) with developing economics in order to assist them in protecting their tax revenues.
The Treasury and Resources Minister also said, "Guernsey's tax team has built strong relationships with Southern African Development Community countries, including Botswana and Swaziland, over the past couple of years. The OECD's Global Forum has emphasized the importance of working with developing countries to share expertise on tax information exchange, thereby helping them to protect their tax revenues."
Gray commented:"In October 2011, Ron van der Merwe, the Chair of the Tax Agreements Working Group of the SADC, said that the negotiation of tax agreements between SADC Member States and Guernsey was 'a major step forward in creating the basis for exchange of information for SADC members'. The conclusion of agreements with Botswana and Swaziland shows that Guernsey retains a strong commitment to working with and sharing best practice with SADC members and other developing economies."
