Guernsey gets OECD’s green light on tax standards

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes has endorsed the standards adopted by Guernsey.

The forum has adopted the Guernsey peer review report and in doing so has endorsed that Guernsey is continuing to meet the international standards of transparency and tax information exchange.

The review, an independent and comprehensive technical analysis of the legal and practical framework in place in Guernsey for exchanging tax information under international agreements, examined Guernsey’s compliance with the Global Forum’s terms of reference, which comprises 10 overall elements broken down into a further 31 aspects.

Guernsey was found to have all of the essential elements assessed to date in place.

Peter Harwood Guernsey’s chief minister, said: “This is a rigorous examination by expert assessors versed in the legal and practical systems required to comply with international standards in this field. Guernsey was one of the first jurisdictions to have undergone a stand-alone Phase 2 review, and has been found to have all of those essential elements that have been assessed in place. In short, we have shown that we continue to meet the international standards of transparency, co-operation and information exchange in tax matters.”

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