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AGREEMENT

BETWEEN THE PORTUGUESE REPUBLIC AND THE STATES OF GUERNSEY FOR THE EXCHANGE

OF INFORMATION RELATING TO TAX MATTERS

Whereas the Portuguese Republic and the States of Guernsey (“the Parties”) recognise that present

legislation already provides for cooperation and the exchange of information in criminal tax matters;

Whereas the Parties have long been active in international efforts in the fight against financial and other

crimes, including the targeting of terrorist financing;

Whereas it is acknowledged that the States of Guernsey has the right, under the terms of the Entrustment

from the United Kingdom of Great Britain and Northern Ireland, to negotiate, conclude, perform and subject to

the terms of this agreement terminate a tax information exchange agreement with the Portuguese Republic;

Whereas the States of Guernsey on the 21st February 2002 entered into a political commitment to the OECD’s

principles of effective exchange of information;

Whereas the Parties wish to enhance and facilitate the terms and conditions governing the exchange of

information relating to taxes;

The Parties have agreed to conclude the following agreement which contains obligations on the part of the

Parties only:

Article 1

Scope of the Agreement

The competent authorities of the Parties shall provide assistance through exchange of information upon

request as set forth in this Agreement. Such information shall:

a) Be foreseeably relevant to the administration and enforcement of the domestic laws of the requesting Party

concerning taxes covered by this Agreement;

b) Include information that is foreseeably relevant to the determination, assessment and collection of such

taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of criminal tax matters; and

c) Be treated as confidential as set forth in this Agreement.

Article 2

Jurisdiction

A requested Party is not obliged to provide information which is neither held by its authorities, nor in the

possession of, nor obtainable by persons who are within its territorial jurisdiction.

Article 3

Taxes Covered

1. This Agreement shall apply to the following taxes imposed by the Parties:

a) In the case of Portugal:

i. Personal income tax (imposto sobre o rendimento das pessoas singulares – IRS);

ii. Corporate income tax (imposto sobre o rendimento das pessoas colectivas – IRC);

iii. Local surtax on corporate income tax (Derrama);

iv. Stamp duty on gratuitous transfers (Imposto do Selo sobre as transmissões gratuitas);

b) In the case of Guernsey:

i. Income tax;

ii. Dwellings profits tax.