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Guernsey To Adopt New Tax Info Sharing Standard

by Jason Gorringe, Lowtax.net, London
03 June, 2014

Guernsey will share tax information automatically under the multilateral convention on mutual administrative assistance in tax matters from August 1, 2014. In December 2013, Guernsey's parliament unanimously approved the convention.

Commenting on the development, Fiona Le Poidevin, Chief Executive of Guernsey Finance, said: "Having the Convention extended to Guernsey means that we will be meeting the highest international standards of tax transparency and, in doing so, will continue to lead the global fight against tax evasion."

"It also reinforces our position as a reputable and cooperative member of the international community, helping us enter into constructive dialogue with other jurisdictions that might have, unjustifiably, looked at us less favorably in the past," she said.

In addition to the extension of the Convention, Guernsey has recently concluded further Tax Information Exchange Agreements with Austria, Belgium, Costa Rica, Montserrat, and the Turks and Caicos Islands, which takes the total to 55. Guernsey has also recently signed a Double Taxation Arrangement with Monaco, which takes the total number of comprehensive agreements signed by Guernsey to 11.

Jonathan Le Tocq, Guernsey's Chief Minister, said: "I am aware that we need to do more than just talk the talk on tax transparency. Our network of tax agreements… demonstrates how we want to ensure that what we do matches what we say, and paves the way for the extension of the Convention."

"These are truly global standards that we are meeting and supporting. In addition, our membership of the Early Adopters Group initiative for early adoption of the proposed new Global Standard on Automatic Exchange of Information – the 'Common Reporting Standard' – demonstrates that we are playing our part in promoting truly global standards for the future," he added.

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