Guernsey is recommending introducing a withholding tax on EU resident individuals' savings interest instead of exchanging banking information when the EU tax package and Savings Directive is adopted.
Laurie Morgan, the president of Guernsey's Advisory and Finance Committee, said on April 4 that the decision to suggest imposing a retention tax instead of exchanging information reflects the preferences of the majority of the finance industry and is in the best interests of the island.
