Guernsey will implement the rules designed to limit tax evasion between the OECD countries from 1 August.
The OECD and Council of Europe’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters is a set of rules designed to crack down tax evasion, while promoting financial transparency among member states.
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Guernsey’s parliament, the States of Guernsey, unanimously voted for the extension of the convention to Guernsey in December 2013.
Guernsey Finance chief executive Fiona Le Poidevin was quoted by businesslife.co as saying, "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," Poidevin told the publication.
The current initiative follow more than 60 tax information and exchange agreements and double taxation pacts that Guernsey has signed with other countries, including Austria, Belgium, Costa Rica, Montserrat and the Turks and Caicos Islands.
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