Guernsey’s chief minister, Peter Harwood, has set out the Island’s leadership and track record on tax transparency, ahead of the forthcoming G8 and G20 meetings on tax transparency.
Harwood said that Guernsey firmly believed that common global standards were the most effective method of fighting fraud and tax evasion, and strongly supported the rapid adoption of FATCA-type multilateral automatic information exchange as a new global standard.
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"Guernsey has welcomed the recent announcement by the UK, along with France, Germany, Italy and Spain, to pilot automatic information exchange based on the FATCA agreements with the USA (the ‘G5 Pilot’) and we support those countries’ efforts to ensure that the OECD adopts multilateral automatic information exchange as a new global standard," he said.
"Earlier this year I was able to announce Guernsey’s intention to finalize a draft agreement on a proposed ‘tax package’ with the UK. That package included an agreement in principle to enhanced reporting of tax information along FATCA principles.
"Our agreements with the UK and the US will be subject to the proper decision-making process of our Parliamentary Assembly and will be presented to them for approval later this year," Harwood said.
Harwood added that Guernsey was fully supportive of the UK’s G8 agenda and that the Island remained committed to meeting all international standards on beneficial ownership, as demonstrated by its implementation of the FATF recommendations.
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