Guernsey chief minister commits to tax transparency

Guernsey's chief minister has defended the island's track record on tax transparency ahead of G8 and G20 meetings later this year which will be looking at ways to crack down on tax avoidance.

In a statement, Peter Harwood, the chief minister said Guernsey strongly supported the rapid adoption of FATCA-type multilateral automatic information exchange as a new global standard, and viewed common global standards were the most effective method of fighting fraud and tax evasion.

Harwood said he had written to David Cameron stating that Guernsey intends to finalise a draft agreement on a proposed 'tax package' with the UK which will include enhanced reporting of tax information along FATCA principles. He also said the island would be willing to join the G5 Pilot, whereby the UK, along with France, Germany, Italy and Spain, is trialling an automatic information exchange.

Harwood said: 'The actions we have taken in Guernsey emphasise that we fully support international co-operation 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.'

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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