It is somewhat ironic, therefore, that Guernsey will be exchanging information in relation to, say, a resident in an EU Member State, in respect of a bank account that they hold in Guernsey, yet the Director of Income Tax does not automatically receive details of interest paid to Guernsey residents by Guernsey banks. She also points to a number of additional reporting requirements on Guernsey and Jersey companies under global efforts to tackle the problem. He said the laws showed the Isle of Man's "dedication to meeting international standards and help us continue to play our part in the global move to ensure fair taxation". If, at the same time as disclosing any irregularities in relation to Guernsey bank interest, the person concerned wishes to make any additional disclosures of errors in prior tax returns, that will be acceptable, and such disclosures will also be dealt with under BIRD, so long as the person concerned is not, at the date of disclosure under BIRD, and has not previously been, subject to an investigation of his income tax affairs by the Director and the disclosure is considered to be "full and complete". according to finance professionals quoted in a local newspaper. under global efforts to tackle the problem. Guernsey: Tackling Offshore Tax Evasion - Update 06 May 2016 . Light tax and death duties make Guernsey a popular tax haven. Your session has expired. It should also form a … Despite this attention from the EU, Jo Huxtable, a Guernsey-based tax partner at accountancy firm Deloitte, says there's little evidence the islands have been facilitating widespread profit shifting. The Income Tax Office is committed to tracking down people cheating the tax system. Sign In. Written Questions from States Members (Rule 14), Guernsey's "Revive and Thrive" Recovery Strategy, Code of Conduct for Members of the States of Deliberation, Affordable Housing, Benefits, Allowances & Support, Revenue Service (formerly Income Tax & Contributions), Tell Us When You Move Home or Leave the Island, http://gov.gg/article/112995/Bank-Interest-Reporting-Disclosure-BIRD, http://gov.gg/article/112999/Excess-Mortgage-Interest-Reporting-Disclosure-EMIRD, Information received from Law enforcement under the Disclosure Law, 2007. On 1 July 2014, the Government launched the Stop Tax Evasion Programme (STEP), aimed at addressing tax evasion in Guernsey.. The Governments of Jersey, Guernsey … There are two offences. The dependencies say the recent law change addresses these concerns - by introducing fines of up to £100,000 for so-called brass plate companies that cannot prove they have a sufficient physical presence in the islands. Although the States of Guernsey is committed to preventing the fraudulent use of identity, responsibility also lies with the users of this site. "I think many large multi-national businesses will find they have already taken steps to ensure they have the right substance. The company, which does not directly employ staff in the island, would not comment on whether the move was prompted by the new economic substance law. capable of facilitating tax evasion whilst acting on behalf of the relevant body. One high-profile company has already announced its intention to leave Guernsey, citing the "evolving cross-border taxation landscape". In December 2013, the States agreed a proposal by the Treasury and Resources Department to introduce a new reporting regime for Guernsey banks under which they would provide to the Director details of interest paid to individuals resident in Guernsey. As with the BIRD facility, in relation to interest paid by banks, the Director considers it is in the best interests of taxpayers and the Income Tax Office to ensure that any such cases are dealt with promptly. Paradise Papers: Are the Crown Dependencies undemocratic? Such information is currently received by mail and by telephone. 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