Deputy Le Tocq's meeting, which was alongside Jersey's
Chief Minister, Ian Gorst, came at the beginning of a series of
engagements in Brussels.
Deputy Le Tocq said: "It is vital that we speak directly
with the decision-makers of the still relatively new Juncker
Commission. Meeting Commissioner Moscovici was important for two
reasons – firstly, to enhance awareness and understanding of
the Channel Islands, and secondly to understand future developments
on tax co-operation. My message was that we are part of the
European mainstream on tax transparency, and should be seen as
partners, not problems, for the Commission. It was heartening to
hear that that is indeed how the Commissioner also sees
Commissioner Moscovici said: "I very much welcome the
active engagement of the Channel Islands in the key initiatives
involved in the fight against tax evasion, fraud and abusive tax
avoidance in which they are important partners of the EU. Their
commitment to the adoption of the Common Reporting Standard on
automatic exchange of information, alongside the EU Member
States, is particularly positive."
Senator Gorst commented: "I emphasised to Commissioner
Moscovici the importance of using objective, international
standards when assessing good governance by third countries such as
Jersey and Guernsey on tax matters. The Channel Islands
continue to meet the highest international standards on tax
transparency, and it is positive that we are able to ensure that
message is heard at the very senior levels of the European
Following this meeting, the Chief Ministers also met with the
Dutch Permanent Representative to the EU in Brussels, Ambassador
Pieter de Gooijer, to understand the developing priorities for the
Dutch Presidency in the first half of 2016.
The programme also included meetings with Ambassador Christian
Braun, Permanent Representative of Luxembourg, which holds the EU
Presidency in the second half of 2015, and members of the European
Parliament's Economic and Monetary Affairs Committee (ECON) and
Special Committee on Tax Rulings (TAXE), including Alain Lamassoure
MEP, Chair of the TAXE Committee. A meeting with Ambassador Ivan
Rogers, Permanent Representative of the UK, also took place.
Probably the most significant change from previous practice in Guernsey law under the Companies (Guernsey) Law 2008, which came into effect on the 1 July 2008, was the consignment to history of the concept of capital maintenance, which was discarded in favour of a solvency model as the basis of a company’s ability to pay distributions and dividends.
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