Guernsey deputy chief minister Peter Harwood highlighted Italy’s position as the eighth largest economy in the world, and that it is a founder member of the EU and the G8 grouping of major economic powers.
He added that Guernsey has strong links to Latvia “not least through the Latvian community in Guernsey. Signing this agreement strengthens our relationship with Latvia in a formal way, and I am sure that the relationship between our two jurisdictions will continue to be positive.”
The 37 territories where Guernsey has signed TIEAs, as well as other countries’ agreements, can be found here.
As for comprehensive double taxation agreements (DTAs) Guernsey has to-date signed up with: Jersey, Malta and the UK. More limited DTAs have been signed with: Australia, Denmark, the Faroes, Finland, Greenland, Iceland, Ireland, Japan, New Zealand, Norway and Sweden.
Meanwhile, Jersey has also signed a new TIEA, with Austria, bringing the total to 33 countries where it has tax agreements, of which 15 are with EU member states.
The TIEA is the same as those previously signed by Jersey with other countries and provides for the exchange of information on request.
Senator Philip Ozouf, who signed the TIEA in the presence of Austria’s ambassador Emil Brix, said negotiations with a further ten member states were "well advanced.”
