Guernsey announced that it signed a bilateral Tax Information Exchange Agreement (TIEA) with Indonesia last week. The Chief Minister, Lyndon Trott and the Republic of Indonesia UK Ambassador, His Excellency Yuri O Thamrin, executed the treaty.
Guernsey has now signed a total of 23 TIEAs and a further 15 are ready for signature or very near completion.
“I hope that the signing of this Tax Information Exchange Agreement will further improve economic ties between Guernsey and Indonesia,” said the Chief Minister. He also noted that “Indonesia is a member of the G20 and signing TIEAs with such prominent countries remains a priority for Guernsey. The text of the TIEA with Indonesia recognises that Guernsey has long been active in international efforts in the fight against financial and other crimes, including the targeting of terrorist financing and has a history of exchanging information in criminal tax matters.”
Mr O Thamrin said his country welcomed the signing with Guernsey as it was the first TIEA signed by the Indonesia Government. He added that Indonesia plans to engage in “seven other TIEAs in the future,” and that the signing is significant as it “demonstrates Indonesia’s commitment as a G20 member country to promote transparency and greater cooperation in tax information exchange and will contribute to the efforts to address criminal tax matters, counter money laundering and strengthen the international financial system.”
Guernsey has now signed Tax Information Exchange Agreements (TIEAs) with 23 territories: Australia, Canada, China, Denmark, Faroe Islands, Finland, France, Germany, Greece, Greenland, Iceland, Indonesia, Ireland, Netherlands, New Zealand, Norway, Portugal, Romania, San Marino, South Africa, Sweden, United Kingdom and the United States of America.
Source: Guernsey Government