According to a recent update from the Guernsey government, the tax information exchange agreement with Bulgaria entered into force on 21 March 2016. The agreement, signed by Bulgaria on 25 May 2015 and by Guernsey on 11 June 2015, is the first of its kind between the two jurisdictions. It applies for criminal tax matters on the date of its entry into force and for other tax matters in respect of taxable periods beginning on or after that date or, where there is no taxable period, all charges to tax arising on or after that date.