The Organisation for Economic Co-operation and Development and the Council of Europe’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters will be effective in Guernsey from the start of August.
In December 2013, Guernsey’s parliament voted unanimously for the convention to be extended to Guernsey and now it has been confirmed that this will come into effect on 1 August 2014.
Fiona Le Poidevin, chief executive of Guernsey Finance, said: “Having the convention extended to Guernsey means that we will be meeting the highest international standards of tax transparency and in doing so, will continue to lead the global fight against tax evasion.”
“It also reinforces our position as a reputable and cooperative member of the international community, helping us enter into constructive dialogue with other jurisdictions that might have, unjustifiably, looked at us less favourably in the past.”
In addition to the extension of the convention, Guernsey has recently concluded further Tax Information Exchange Agreements with Austria, Belgium, Costa Rica, Montserrat and the Turks and Caicos Islands, which takes the total to 55.
Guernsey has also recently signed a Double Taxation Arrangement with Monaco, which takes the total number of comprehensive agreements signed to 11.
