Guernsey signs tax exchange deal with Switzerland and Hungary

New tax agreements show "a commitment to tax transparency" for Guernsey, the chief minister has said.

Deputy Peter Harwood signed tax information exchange agreements (TIEA) with Switzerland and Hungary on Wednesday.

The agreement allows for information on bank accounts relating to a criminal or civil tax investigation to be shared.

Guernsey has signed 46 TIEAs with countries around the world, including 16 G20 members.

Deputy Harwood said: "Guernsey's relationship with Switzerland is of great value and we have much in common as finance centres outside of - but working with - the European Union.

"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."