Guernsey is among a group of jurisdictions which has committed
to the early adoption of the next set of OECD measures to tackle tax evasion.
In April, the 'G5' group of countries - the UK, France,
Germany, Italy and Spain - announced plans for multilateral
automatic exchange of information and since then, the OECD has been
developing a Common Reporting Standard (CRS).
At the 6th Global Forum on Transparency and Exchange
of Information for Tax Purposes held in Jakarta recently, Guernsey
was among a group of jurisdictions which committed to the early
adoption of the CRS.
Fiona Le Poidevin, Chief Executive of Guernsey Finance - the
promotional agency for the Island's finance industry, said:
"Guernsey's commitment to an early adoption of the CRS is
yet further evidence that the Island is clearly one of the
jurisdictions that is leading the global fight against tax evasion.
Now we want to see more jurisdictions joining us so that there is a
level playing field for all and to ensure that tax evasion is
tackled robustly across the globe."
Earlier this month, the OECD singled out Guernsey for praise
after it signed its 50th Tax Information Exchange
Agreement (TIEA). The first TIEA was with the US, in 2002, and
since 2005 the Island has signed up to measures equivalent to the
EU Savings Tax Directive. In 2011, Guernsey adopted automatic
exchange of information under these measures and Guernsey has
agreed in principle to a Model I intergovernmental agreement with
the US under the Foreign Account Tax Compliance Act (FATCA), which
will follow from the Island's agreement with the UK, along
FATCA principles, signed last month.
Now Guernsey is among a group of jurisdictions which has
released a joint statement outlining its commitment to the
"early adoption of the Common Reporting Standard being
developed in the OECD."
Notes to Editors:
Joint statement by Belgium, Colombia, Czech Republic, Denmark,
Finland, France, Germany, Greece, Iceland, Ireland, Italy,
Liechtenstein, Luxembourg, Malta, Mexico, Netherlands, Norway,
Poland, Portugal, Romania, Slovakia, Slovenia, South Africa, Spain,
Sweden, United Kingdom; the UK's Crown Dependencies of Isle of
Man, Guernsey and Jersey; the UK's Overseas Territories of
Anguilla, Bermuda, British Virgin Islands, Cayman Islands,
Gibraltar, Montserrat, Turks and Caicos. See: http://www.oecd.org/tax/transparency/Joint%20Statement.pdf
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