9 February 2013 Last updated at 21:43 ET

Guernsey and Singapore sign double taxation agreement

Guernsey's government has signed a tax exchange agreement with the Republic of Singapore.

The deal will help businesses and individuals in Guernsey with links to Singapore to avoid having to pay taxes in both places.

It is the 15th double taxation agreement the island has signed.

Fiona Le Poidevin, Chief Executive of Guernsey Finance, said the agreement demonstrates the island's commitment to the global community.

She said signing the double taxation agreement with Singapore was a very positive development for the future of Guernsey's finance industry.

Ms Poidevin said it offers significant potential for expanding financial services between the two jurisdictions.

Guernsey has signed a total of 15 Double Tax Agreements as well as 40 Tax Information Exchange Agreements, most recently with Brazil.