Only last month Guernsey signed two DTAs, with Hong Kong and Qatar, and earlier in the year did the same with fellow crown dependencies Jersey and Isle of Man, and a separate agreement with Singapore. The other full DTAs were with Malta last year and a long standing agreement with the UK.
This new agreement was signed in London on behalf of Guernsey by Gavin St Pier, minister of the treasury and resources department and on behalf of Luxembourg by Béatrice Kirsch, chargé d’affaires to the UK.
Fiona Le Poidevin, chief executive of Guernsey Finance, the promotional agency for the Island’s finance industry, said: “The DTA means that individuals or companies with ‘home’ as one jurisdiction but with interests in the other jurisdiction will have mechanisms in place to prevent them from being taxed by both sets of authorities on the same income. This clarity and certainty on matters of taxation will make it even more attractive to conduct business between the two jurisdictions.”
While in London, St Pier also signed a TIEA with Botswana at the Botswanan High Commission, and a further TIEA, with Swaziland, is expected to be concluded in the near future. Together, the TIEAs with Botswana and Swaziland will take the number signed by Guernsey to a total of 43.
Learn more about why DTAs can be bad for your wealth here
To read about Guernsey’s first DTA with a middle eastern country click here.
