Guernsey has signed Tax Information Exchange Agreements (TIEAs) with Switzerland and Hungary.

It means that Guernsey has now signed 46 TIEAs – including 16 with members of the G20.

Guernsey’s Chief Minister, Peter Harwood, who signed the two agreements in London this week, commented: “Guernsey’s relationship with Switzerland is of great value and we have much in common as finance centres outside of but working with the European Union. I had the opportunity to meet the previous Swiss Ambassador to the UK, and I am delighted to have finally had the opportunity to meet the new Swiss Ambassador in person, His Excellency Dominik Furgler.

“I am delighted to be able to sign this agreement, not only because it acts as another indicator of Guernsey’s commitment to tax transparency, but also because Switzerland is a country of significance for our industry. This agreement strengthens the economic and political ties between Guernsey and Switzerland.”

Mr Furgler, the Swiss Ambassador to the UK, said: “I am very pleased to sign this Tax Information Exchange Agreement with Guernsey, which will contribute to strengthening the relationship between Switzerland and Guernsey, and further demonstrates Switzerland’s commitment to implementing international standards.”

The Chief Minister, who also signed an agreement with the Hungarian Ambassador to the UK, His Excellency Janos Csak, said: “I am very pleased to sign this agreement with Hungary, a country which sits at the heart of the European Union and is now a long-standing member of the Organisation for Economic Co-operation and Development and the World Trade Organisation. The agreement demonstrates Guernsey’s ongoing commitment to tax transparency with the member states of the EU.”

Guernsey’s Director of Income Tax, Rob Gray, said: “The signing of these latest TIEAs take Guernsey’s total to 46 – including 16 of the G20 members. The Island’s growing network of tax agreements further demonstrates the ongoing commitment to meeting and exceeding international standards in tax transparency.”

The signing of these latest TIEAs brings the number signed by Guernsey this year to eight, including Brazil. Guernsey also agreed to full Double Taxation Arrangements (DTAs) with Luxembourg, Isle of Man, Jersey, Qatar and Singapore and Hong Kong this year, taking the total signed to 19.

Guernsey has signed 19 DTAs: Full – Hong Kong, the Isle of Man, Jersey, Luxembourg, Malta, Qatar, Singapore and the UK; Partial – Australia, Denmark, the Faroes, Finland, Greenland, Iceland, Ireland, Japan, New Zealand, Norway and Sweden.

Guernsey has signed 46 TIEAs: Argentina, Australia, Bahamas, Botswana, Brazil, British Virgin Islands, Canada, Cayman Islands, Chile, China, Czech Republic, Denmark, the Faroes, Finland, France, Germany, Greece, Greenland, Hungary, Iceland, India, Indonesia, Ireland, Italy, Japan, Latvia, Lesotho, Lithuania, Mauritius, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovenia, South Africa, St Kitts & Nevis, Sweden, Switzerland, Turkey, the UK and the US.