Peter Harwood, chief minister of Guernsey signed a double taxation agreement (DTA) with Singapore, and a tax information exchange agreement (TIEA) with Brazil on behalf of the government of Guernsey.
The DTA has been signed by Singapore’s High Commissioner to the UK, T Jasudasen.
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Fiona Le Poidevin, chief executive of Guernsey Finance – the promotional agency for the Island’s finance industry, said: "Signing a DTA with Singapore is a very positive development for the future of Guernsey’s finance industry. For several years we have been raising awareness of Guernsey in the Far East, including Singapore. We have built a good understanding with both the Singapore Stock Exchange (SGX) and the local regulator, the Monetary Authority of Singapore (MAS), and now several Guernsey firms, such as Collas Crill and International Administration Group (IAG), have established operations in Singapore.
"The DTA between Guernsey and Singapore further deepens the relationship and it also offers significant potential for expanding financial services business between the two jurisdictions. The DTA means that individuals or companies with ‘home’ as one jurisdiction but with interests in the other jurisdiction will not be taxed by both sets of authorities on the same income. This clarity and certainty on matters of taxation makes it more attractive to conduct business between the two jurisdictions.
"In addition, the DTA will provide increased possibilities for the expansion of Guernsey’s financial services business, not just with Singapore but also other jurisdictions. Singapore is continuing to develop as a major financial services hub in Asia, which is fuelled by the fact that its network of DTAs with other jurisdictions means that it is able to act as a gateway for business coming into and out of the wider region. As such, the DTA offers the potential to tap into the other parts of Singapore’s DTA network and thereby attract flows from a broader field of jurisdictions, including India where Guernsey already has a history of doing business."
Miss Le Poidevin said: "I also welcome the signing of a TIEA with Brazil. The economic growth in South America means that there is huge potential for Guernsey’s finance industry to attract business from both high net worth individuals and expanding companies in the region, especially in the more developed countries such as Brazil.
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By GlobalData"Some Guernsey-based firms are already leading the charge in this direction but there are obstacles to overcome for the opportunities to be fully realised. The TIEA is an indication of the growing relationship between Guernsey and Brazil and a significant step in enhancing the potential for further business flows between the two jurisdictions."
