Tax Information Exchange Agreements Guernsey

Protocol of the British Virgin Islands (exchange of information) [128kb] The basis on which the Director of Guernsey may issue a notification following an application for an TIEA and the circumstances in which an appeal may be lodged against that decision differ from those in force in Jersey. Like some TIEA participants, Guernsey completed a two-stage, independent and comprehensive technical peer review in 2010 and 2012. The report adopted by the Global Forum in April 2013 established that Guernsey`s legal and administrative system had all the essential elements necessary to meet international standards of transparency and exchange of information. The results of the report thus confirm Guernsey`s commitment and successes so far in this area. The purpose of this Agreement is to promote international cooperation in tax matters through the exchange of information. It was developed by the OECD Global Forum Working Group on Effective Exchange of Information. This agreement, published in April 2002, is not a binding instrument, but includes two model bilateral agreements. A large number of bilateral agreements have been based on this agreement (see below). The governments of Australia and Guernsey have signed an agreement on the exchange of tax information. The agreement provides for the exchange of information on request, both for civil and criminal purposes. For the automatic exchange of information, see exchange of letters with Bermuda The Director may exercise his power to issue a communication under paragraph 75B of the ITL only if he is satisfied that the request for information is made in accordance with the provisions and for the purposes of this TIEA.

The ITL does not oblige the Director to give reasons for his decision. On that basis, the findings of the Royal Court of Jersey that information which could be obtained before the entry into force of the TIEA when it relates to a tax offence case could be used for the purposes of civil taxation should be respected if the same questions were to arise before the Royal Court of Guernsey. Tax Information Exchange Agreements (TIEAs) provide for the exchange of information on request concerning a criminal or civil tax investigation or civil tax matters under investigation. [1] A TIEA model was developed by the OECD Global Forum Working Group on Effective Exchange of Information. Legal systems may also choose to use the text of the articles of the Model Protocol if they wish to include in a new TIEA the provisions on the automatic and spontaneous exchange of information. A TIEAs request template has been developed to assist the competent authorities of TIEA partners in requesting information. It is available in English and French as well as Spanish, German, Italian, Japanese, Korean and Turkish….