The Italian Ministry of Finance has removed Guernsey from its revised tax blacklist of tax havens by amending the 2015 Finance Act.
The change will allow Italians to deduct expenses incurred in transactions with residents in Guernsey.
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Guernsey Finance head of Technical Sinéad Leddy said: "This is welcome news for the practitioners within our finance industry as it should open up some interesting opportunities across the finance sector but particularly within the private wealth sector.
"Guernsey was among the first set of jurisdictions placed on the OECD ‘white list’ for exchange of information standards in 2009. A Tax Information Exchange Agreement (TIEA) with Italy was signed in September 2012, at the same time as our tax regime was reviewed and given a clean bill of health by the EU."
Other jurisdictions reported to have been removed from the Italian blacklist since the amendments were introduced have included Bermuda and Mauritius.
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By GlobalData
