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Guernsey Removed From Italy's TIEA Blacklist

by Jason Gorringe, Lowtax.net, London
16 April, 2015

The Italian Ministry of Finance has removed Guernsey from its revised tax blacklist that features countries without a tax information exchange agreement with Italy.

Guernsey signed a Tax Information Exchange Agreement (TIEA) with Italy in September 2012, and changes in Italy's 2015 Finance Act amended the criteria for inclusion. Specifically, the change will allow Italians to deduct expenses incurred in transactions with residents in Guernsey.

Sinéad Leddy, Head of Technical at Guernsey Finance – the promotional agency for the island's finance industry internationally, 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. The only disappointment is that it has taken so long for Italy to overcome some outdated prejudices and recognize the high standards of tax information exchange applied in Guernsey."

"Guernsey has been participating in the OECD's Convention on Mutual Assistance in Tax Matters (MAC) since August last year and, in October 2014, Guernsey agreed to be among the first wave of jurisdictions to adopt the OECD's Common Reporting Standard (CRS)."

"All of the above demonstrate Guernsey's ongoing commitment to meeting leading global standards for tax information exchange."

"I'm pleased that this has now been recognized by the Italian tax authorities and we look forward to other jurisdictions following suit. Guernsey Finance will be working in partnership with industry and government to ensure that progress on such matters is made as quickly as possible."

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