UK Crown Dependencies Welcome New BEPS Treaty
by Jason Gorringe, Lowtax.net, London
27 June, 2017
The UK Crown Dependencies – Jersey, Guernsey, and the Isle of Man – were among the signatories to the OECD's base erosion and profit shifting multilateral instrument.
Joining nearly 70 jurisdictions committed to preventing tax treaty abuse, the territories have agreed to transposes anti-BEPS measures into their tax treaty networks.
The Isle of Man's Treasury Minister, Alfred Cannan, commented: "As a responsible and reputable jurisdiction, the Isle of Man has a clear policy of complying with international standards. We are pleased to support this latest move to update international tax rules and it has been an honor to represent the island at the signing ceremony in Paris."
Gavin St Pier, Chief Minister of Guernsey, expressed similar sentiments, noting the island was one of only four smaller jurisdictions invited to participate in the group that drafted this instrument.
Geoff Cook, the CEO of Jersey Finance, the island's financial services promotion agency, also spoke in support of the instrument, noting that Jersey will benefit from the BEPS project's focus on economic substance, noting the Jersey's finance industry adds "real value" to clients' businesses.
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