On Tuesday 22 October 2013, Guernsey and Jersey signed
inter-governmental agreements (IGAs) with the UK in relation to tax
The newly signed IGAs will enhance the exchange of tax
information between the Channel Islands and the UK while furthering
the Channel Islands' commitment to tax transparency, combating
tax evasion and meeting international standards. The IGAs were
signed in London by Guernsey's Chief Minister Deputy Peter
Harwood, Jersey's Chief Minister Senator Ian Gorst and David
Gauke MP, UK Financial Secretary.
The IGAs are based on a similar agreement being negotiated with
the US relating to the Foreign Account Tax Compliance Act (FATCA)
and expected to be signed in the near future.
The islands will be asked to formally confirm their support for
the compilation of an OECD Model for automatic information
exchange, and their support for the OECD model to be rapidly
adopted as the global standard for automatic information
Guernsey's Chief Minister Deputy Peter Harwood said:
"These measures are in line with the provisions of the
agreement being negotiated with the US regarding FATCA, which we
will be signing shortly. The two agreements with the UK and the US
have been supported by our industry, being key to a sustainable
future for the finance sector and securing our global reputation
for tax transparency."
Jersey's Chief Minister Ian Gorst said: "This agreement
once again demonstrates our long-held commitment to international
cooperation on tax matters. It sends another clear signal that
Jersey has no need or desire to tolerate tax evasion or aggressive
Guidance notes on the IGAs are being developed by both islands
working in conjunction and will be published shortly.
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Maltese tax law provides for rules which grant beneficiaries referred to as ‘Highly Qualified Persons' to be taxed at a reduced rate of tax of 15% on their employment income, provided certain conditions are satisfied.
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