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Channel Islands Seen As Tax Cooperative By EU

by Jason Gorringe, Lowtax.net, London
14 January, 2016

The EU Commission has confirmed that Guernsey and Jersey are considered to be cooperative jurisdictions and partners of the EU on tax transparency.

According to the two jurisdictions, the remark was made by Pierre Moscovici, the EU Tax Commissioner. Representatives from the Channel Islands were meeting with EU high level officials two weeks ahead of the publication of the EU Commission's new anti-tax avoidance package.

Guernsey and Jersey's Chief Ministers, Jonathan Le Tocq and Ian Gorst, also met with representatives from France, Germany, Ireland, Malta, Slovakia, and the UK.

Commissioner Moscovici said: "I very much welcome the continued active engagement of Guernsey and Jersey in the key international initiatives for fighting tax evasion, fraud, and abusive tax avoidance, in which they are important partners of the EU. Their implementation of the Common Reporting Standard on automatic exchange of information from January 1, and their support of the BEPS programme, alongside the EU member states, are particularly noteworthy and reinforce their standing as cooperative jurisdictions."

Speaking of other discussions at the meeting, Jonathan Le Tocq said: "We also pushed our case on the contribution we can make to the EU's Capital Markets Union initiative, and the importance of consistency and transparency in opening up the EU market to Channel Islands firms. As the KPMG Funds report showed last year, the Guernsey and Jersey finance sectors make a significant contribution to jobs, prosperity, and growth in the EU, as well as the in Channel Islands themselves."

Ian Gorst added: "We have had a number of opportunities to discuss the future of the UK-EU relationship, which is of great importance. The Channel Islands need to be informed ahead of the UK referendum, as well as prepared for any developments after the UK referendum."

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