OECD and EU tax initiatives
Posted: Wed Feb 19, 2025 8:04 am
During 2018, Guernsey worked closely with the COCG, EU Member States and the other Crown Dependencies to develop economic substance legislation, which was adopted in December 2018.
In 2019, the EU Council confirmed that Guernsey had met its commitment to introduce economic substance requirements and therefore removed Guernsey from the list of jurisdictions who had committed to make certain changes.
Guernsey has given its full support to the transparency principles central to the current G20, And is working as part of the wider international community in the development and effective implementation of internationally agreed standards.
In 2004 Guernsey voluntarily entered into automatic information exchange and bilateral withholding arrangements respectively, with all EU Member States, under the European Union Savings Directive (2003/48/EC).
Guernsey committed in May 2013, to join the initiative of the G5 countries on establishing hong kong mobile database and piloting an international standard for automatic exchange of information between tax authorities.
In December 2013 Guernsey entered into an intergovernmental agreement with the United States of America in relation to the implementation of FATCA, which it implemented in June 2014.
In October 2013 Guernsey entered into an intergovernmental agreement with the United Kingdom in relation the United Kingdom’s own version of FATCA, which it also implemented in June 2014.
In 2019, the EU Council confirmed that Guernsey had met its commitment to introduce economic substance requirements and therefore removed Guernsey from the list of jurisdictions who had committed to make certain changes.
Guernsey has given its full support to the transparency principles central to the current G20, And is working as part of the wider international community in the development and effective implementation of internationally agreed standards.
In 2004 Guernsey voluntarily entered into automatic information exchange and bilateral withholding arrangements respectively, with all EU Member States, under the European Union Savings Directive (2003/48/EC).
Guernsey committed in May 2013, to join the initiative of the G5 countries on establishing hong kong mobile database and piloting an international standard for automatic exchange of information between tax authorities.
In December 2013 Guernsey entered into an intergovernmental agreement with the United States of America in relation to the implementation of FATCA, which it implemented in June 2014.
In October 2013 Guernsey entered into an intergovernmental agreement with the United Kingdom in relation the United Kingdom’s own version of FATCA, which it also implemented in June 2014.