GUERNSEY is to sign a tax information exchange agreement with New Zealand.

Chief Minister Lyndon Trott  (pictured) will carry out the formal signing of the 14th TIEA at the New Zealand High Commission in London today.

It is the 12th signed by Guernsey with a member state of the Organisation for Economic Co-operation and Development.

This means that in addition to being included on the G20 ‘white list’ published on 2 April, Guernsey will now also be regarded as having substantially implemented the OECD’s internationally agreed tax standard on exchange of information.

Deputy Trott said Guernsey’s recognition by the G20 was an important milestone for the island’s future as an international financial centre.

‘In addition to this agreement with New Zealand, Guernsey is continuing to negotiate the conclusion of TIEAs with many more countries and we will be signing further agreements in the coming months,’ he said.

Unlike previous TIEAs, the agreement with New Zealand is a composite one instead of there being separate agreements where additional benefits are agreed.

The agreement covers exchange of information and the allocation of certain taxing rights for individuals, but each of the provisions is comparable to those in the other TIEAs signed by Guernsey.