Greater tax transparency needed, says Guernsey chief minister
15 May 2013 St Peter Port
Image: Shutterstock
Guernsey’s chief minister, Peter Harwood, has set out the island’s leadership and track record on tax transparency, ahead of the G8 and G20 meetings on the subject.
In a recent statement, Harwood explained that common global standards are the most effective method of fighting fraud and tax evasion.
Harwood said: “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 [US Foreign Account Tax Compliance Act] agreements with the US (the G5 Pilot) and we support those countries’ efforts to ensure that the OECD adopts multilateral automatic information exchange as a new global standard.”
“Earlier this year I was able to announce Guernsey's intention to finalise 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. As I made clear in my open letter to Prime Minister Cameron of 1 May 2013, at that juncture I would be willing to present a report and a recommendation on joining the G5 Pilot.”
Harwood added that that the actions taken in Guernsey emphasise that the island fully supports international cooperation on the transparency of and access to beneficial ownership information.
“We support the calls for greater tax transparency—not just with our words but with our actions. We are part of the tax transparency process, and look forward to continuing to play our part. The message from Guernsey is clear—Guernsey is not a jurisdiction of choice for those who want to hide.”
In a recent statement, Harwood explained that common global standards are the most effective method of fighting fraud and tax evasion.
Harwood said: “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 [US Foreign Account Tax Compliance Act] agreements with the US (the G5 Pilot) and we support those countries’ efforts to ensure that the OECD adopts multilateral automatic information exchange as a new global standard.”
“Earlier this year I was able to announce Guernsey's intention to finalise 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. As I made clear in my open letter to Prime Minister Cameron of 1 May 2013, at that juncture I would be willing to present a report and a recommendation on joining the G5 Pilot.”
Harwood added that that the actions taken in Guernsey emphasise that the island fully supports international cooperation on the transparency of and access to beneficial ownership information.
“We support the calls for greater tax transparency—not just with our words but with our actions. We are part of the tax transparency process, and look forward to continuing to play our part. The message from Guernsey is clear—Guernsey is not a jurisdiction of choice for those who want to hide.”
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