Tax

Guernsey among early adopters of next steps to fight tax evasion

Guernsey is among a group of jurisdictions which has committed to the early adoption of the next set of OECD measures to tackle tax evasion.

In April, the G5 group of countries – the UK, France, Germany, Italy and Spain – announced plans for multilateral automatic exchange of information and, since then, the OECD has been developing a Common Reporting Standard (CRS).
 
At the 6th Global Forum on Transparency and Exchange of Information for Tax Purposes held in Jakarta recently, Guernsey was among a group of jurisdictions which committed to the early adoption of the CRS.
 
Fiona Le Poidevin, chief executive of Guernsey Finance – the promotional agency for the island’s finance industry, says: “Guernsey’s commitment to an early adoption of the CRS is yet further evidence that the Island is clearly one of the jurisdictions that is leading the global fight against tax evasion. Now we want to see more jurisdictions joining us so that there is a level playing field for all and to ensure that tax evasion is tackled robustly across the globe.”
 
Earlier this month, the OECD singled out Guernsey for praise after it signed its 50th Tax Information Exchange Agreement (TIEA). The first TIEA was with the US in 2002, and since 2005 the island has signed up to measures equivalent to the EU Savings Tax Directive. In 2011, Guernsey adopted automatic exchange of information under these measures and Guernsey has agreed in principle to a Model I intergovernmental agreement with the US under the Foreign Account Tax Compliance Act (FATCA), which will follow from the Island’s agreement with the UK, along FATCA principles, signed last month.
 
Now Guernsey is among a group of jurisdictions which has released a joint statement outlining its commitment to the “early adoption of the Common Reporting Standard being developed in the OECD.”

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