Signing of the Tax Agreement between the Government of Japan and the Government of Guernsey
December 7, 2011
- The Agreement between the Government of Japan and the Government of Guernsey for the Exchange of Information relating to Tax Matters and the Avoidance of Double Taxation with respect to Taxes on Income of Individuals (Tax Agreement between the Government of Japan and the Government of Guernsey) was signed on December 6, 2011, in London (the U.K.) by H.E. Mr. Keiichi Hayashi, Ambassador of Japan to the U.K. and Deputy Lyndon Trott, Chief Minister of Guernsey.
- This Agreement provides a detailed mechanism for the exchange of tax information, with a view to preventing cross-border fiscal evasion and tax avoidance, and also provides tax exemption with respect to income of individuals such as students, for the purpose of promoting personal exchange between Japan and Guernsey. This Agreement is the sixth international agreement centered on the exchange of tax information that Japan signed, following the Agreements with Bermuda, The Bahamas, the Cayman Islands, the Isle of Man and Jersey, and it will be expected to contribute to expanding the international information exchange network aiming at the prevention of cross-border fiscal evasion and tax avoidance.
- The Governments of Japan and Guernsey will notify each other of the completion of their respective internal procedures necessary for the entry into force of this Agreement (in the case of Japan, approval by the Diet will be necessary) and the Agreement will enter into force on the thirtieth day after the latter of the dates of receipt of the notifications.
- (*The foregoing is a provisional translation. The date indicated above denotes the date of issue of the original press release in Japanese.)