Tax

Guernsey set to join OECD’s top club in fight against tax evasion

The OECD and the Council of Europe’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters will be effective in Guernsey from the start of August.

In December, Guernsey’s parliament, the States of Guernsey, voted unanimously for the Convention to be extended to Guernsey and now it has been confirmed that this will come into effect on 1 August 2014.
 
Fiona Le Poidevin, chief executive of Guernsey Finance – the promotional agency for the island’s finance industry, says: “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 favourably in the past.”
 
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 to 11.
 
Guernsey’s Chief Minister Jonathan Le Tocq says: “I am aware that we need to do more than just talk the talk on tax transparency. Our network of tax agreements – well over 60 Tax Information Exchange Agreements and Double Taxation Agreements which include provisions regarding the exchange of tax information meeting the international standard – 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.”

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