Guernsey has signed tax exchange deals with Switzerland and Hungary, allowing for the exchange of information regarding taxes between the two countries and the island.

Guernsey has signed tax exchange deals with Switzerland and Hungary, allowing for the exchange of information regarding taxes between the two countries and the island.

With the signing, Guernsey now has 46 [tag|tax information exchange agreements|]tax information exchange agreements[/tag], in a move to increase transparency on taxes.

“I am delighted to be able to sign this agreement, not only because it acts as another indicator of Guernsey’s commitment to tax transparency, but also because Switzerland is a country of significance for our industry,” said Guernsey’s chief minister, Peter Harwood, when signing the two agreements in London.

Harwood also signed an agreement with Hungary, a country which he said “sits at the heart of the European Union and is now a long-standing member of the Organisation for Economic Co-operation and Development and the World Trade Organisation.”

With these latest two TIEA’s, the island's growing network of tax agreements has reached 46 in total – eight of which were signed this year. These include an exchange deal with Brazil as well as full double taxation arrangements with Luxembourg, Isle of Man, Jersey, Qatar and Singapore and Hong Kong.