Treasury secretary Stephen Timms has welcomed the signing of a tax sharing agreement with Guernsey. Timms said: 'I warmly welcome Guernsey's continuing progress in concluding Tax Information Exchange Agreements. Guernsey's firm commitment to transparency and exchange of information in tax matters is very encouraging'. Guernsey has signed a number of tax sharing agreements, which the Organisation of Economic Co-operation and Development is urging other countries to implement, with jurisdictions such as Denmark, Faroe Isles, Finland, Germany, Norway, Sweden and the US.