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Channel Islands To Automatically Exchange Tax Data

by Jason Gorringe, Lowtax.net, London
04 November, 2014

Jersey and Guernsey have confirmed they will be included among the list of nations that will adopt early the Organisation for Economic Cooperation and Development's new standard on the automatic exchange of tax information from 2017.

Gavin St Pier, Guernsey's Minister for the Treasury and Resources Department, said: "Guernsey has always maintained that it is fully committed to meeting global standards on transparency and fairness in tax matters."

"Formally agreeing to the new global Common Reporting Standard is further demonstration of that. Given the steps that we have taken in recent years, this is perhaps a less significant step for Guernsey than it is for some of the others who signed yesterday, or those who are about to do so, such as Switzerland, but it is nonetheless an important one. Guernsey committed to these standards in May 2013, when it was referred to as the 'G5 pilot'."

"It is welcome that many more jurisdictions have now agreed to the same standard, and that the Global Forum is working with other jurisdictions in order to encourage them to sign an equivalent agreement in the near future."

Jersey's Treasury Minister, Philip Ozouf, said: "This was further evidence of the positive role that Jersey has played and continues to play in support of international initiatives designed to stamp out the crime of tax evasion and to tackle tax fraud. The signing ceremony was also an excellent opportunity to meet with other Ministers and share views."

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