Guernsey's Government has announced that it plans to give financial institutions a window from 1st January 2011 to 1st July 2011 for moving to automatic exchange of information.
The Fiscal and Economic Policy Group carried out a public consultation earlier in the summer and this morning Chief Minister Lyndon Trott told the local Parliament, the States of Guernsey, of the planned transition to automatic exchange of information for the equivalent measurers Guernsey adopts relating to the EU Savings Tax Directive.
His statement outlined the intended timing of a movement to automatic exchange of information following the consideration of the results of the consultation process.
The Chief Minister said: "In light of the views expressed by members of industry and industry bodies, and given the States' commitment to maintaining the highest standards of tax transparency, the Fiscal and Economic Policy Group recommended to Policy Council that institutions in Guernsey should move to automatic exchange of information from 1st January 2011 and no later than 1st July 2011. This transition period is to provide the maximum flexibility to our industry in making their necessary adjustments to their payment systems."
A report will be submitted to the States of Guernsey in the early autumn to confirm arrangements for the move.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.