Guernsey defends strong track record on tax transparency

Meeting with the UK Prime Minister, David Cameron ahead of the G8 summit, Guernsey’s chief minister, Peter Harwood has defended the domicile’s international tax credentials.

Harwood said: “We had a frank conversation with the Prime Minister, and I asked him to acknowledge the strong track record Guernsey has on tax transparency, on information exchange and on beneficial ownership – the latter demonstrated by Guernsey being one of the few jurisdictions in the world, including G8 members, to actually regulate trust and corporate service providers.

Harwood said he welcomed the meeting as an opportunity to “set out our leadership on tax and transparency”. He warned against political rhetoric aimed at offshore domiciles, as Guernsey outlined its position.

The UK is also discussing its commitment to the Multilateral Convention on Mutual Assistance in Tax Matters, which Harwood said would be fully supported by Guernsey, a move he described as a “significant step towards creating a global level playing field in tax information exchange”.

Harwood added: “I welcome the UK’s commitment to improve the supervision and enforcement of company formation agents in the UK and other jurisdictions”.