Guernsey has signed a Double Taxation Arrangement (DTA) with Qatar – the first full DTA for Guernsey with a Middle Eastern country.
The minister of the Treasury and Resources Department, Gavin St Pier, signed the agreement, on behalf of the island, with Moftah Jassim Al Moftah, who is the director of Public Revenues and Taxes Department at Ministry of Economy and Finance in Qatar.
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The agreement between Guernsey and Qatar implies that Guernsey has now signed 17 DTAs, comprising 11 ‘partial’ DTAs and 6 ‘full’ DTAs, which are with the Isle of Man, Jersey, Malta, Qatar, Singapore and the UK.
Fiona Le Poidevin, chief executive of Guernsey Finance said signing the DTA with Qatar is "another important step in diversifying the business base of Guernsey’s finance industry".
Poidevin also mentioned that Guernsey Finance has been "actively promoting" Guernsey’s financial services offering within the Middle East for several years, and more recently a several firms from the Island have established offices in the region.
"The DTA between Guernsey and Qatar deepens the relationship and it also offers significant potential for expanding financial services business. It provides clarity and certainty on matters of taxation, which makes it more attractive to conduct business between the two jurisdictions.
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By GlobalData"A number of Middle Eastern fund managers already have funds domiciled and administered in Guernsey and the Island’s fiduciary providers are well versed in providing wealth management services to clients from the region. This DTA makes Guernsey an even more attractive proposition at a time when developments in both the corporate and private client fields mean that we are extremely well placed to cater for a global client base," Poidevin added.
Guernsey also has signed 40 Tax Information Exchange Agreements (TIEAs), including with 16 members of the G20.
Guernsey has agreed in principle to sign an Intergovernmental Agreement (IGA) with the US in relation to the Foreign Account Tax Compliance Act (FATCA) and to adopt similar arrangements in relation to the UK as well.
