Guernsey chief minister supports global tax transparency

Peter Harwood, chief minister of Guernsey, has lent his support to global standards as the best way to fight fraud and tax evasion.

Speaking ahead of G8 and G20 meetings on tax transparency, Harwood said Guernsey supported adoption of Fatca-style multilateral automatic information exchange as a new standard.

“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 agreements with the USA (the ‘G5 Pilot’) and we support those countries’ efforts to ensure that the OECD adopts multilateral automatic information exchange as a new global standard,” he said.

“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 [UK] prime minister [David] 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 Guernsey was “not a jurisdiction of choice for those who want to hide.”

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