Guernsey commits to automatic exchange of tax information
International Tax Review is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Guernsey commits to automatic exchange of tax information

One of the UK’s Crown Dependencies, with which Britain has recently agreed new plans to improve tax reporting, has come out in favour of a pilot programme for introducing an international system of multilateral exchange of information.

Peter Harwood, Guernsey’s Chief Minister, wrote to David Cameron, the British Prime Minister, to support the move by Germany, France, Italy, Spain and the UK, which was announced on April 9 and which will be modelled on the intergovernmental agreements established to implement the American Foreign Account Tax Compliance Act (FATCA).

“Guernsey firmly believes that common global standards are the most effective method of fighting fraud and tax evasion,” he wrote. “Guernsey was on the original OECD white list and we have a clear policy objective to meet international standards on tax transparency.”

Harwood added that Guernsey was committed to meeting all international standards on beneficial ownership, including transparency of and access to such information.

George Osborne, the UK Chancellor of the Exchequer, announced in March that the Treasury hoped to recover £1 billion ($1.5 billion) as a result of new tax reporting measures, including automatic exchange of information, it had agreed with its Crown Dependencies – the Isle of Man and Jersey, as well as Guernsey.

more across site & bottom lb ros

More from across our site

The reported warning follows EY accumulating extra debt to deal with the costs of its failed Project Everest
Law firms that pay close attention to their client relationships are more likely to win repeat work, according to a survey of nearly 29,000 in-house counsel
Paul Griggs, the firm’s inbound US senior partner, will reverse a move by the incumbent leader; in other news, RSM has announced its new CEO
The EMEA research period is open until May 31
Luis Coronado suggests companies should embrace technology to assist with TP data reporting, as the ‘big four’ firm unveils a TP survey of over 1,000 professionals
The proposed matrix will help revenue officers track intra-company transactions from multinationals
The full list of finalists has been revealed and the winners will be presented on June 20 at the Metropolitan Club in New York
The ‘big four’ firm has threatened to legally pursue those behind the letter, which has been circulating on social media
The guidelines have been established in the wake of multiple tax scandals and controversies that have rocked the accounting profession
KPMG Netherlands’ former head of assurance also received a permanent bar and $150,000 fine; in other news, asset management firm BlackRock lost a $13.5bn UK tax appeal
Gift this article