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| Guernsey To Exchange Tax Information |
by Jason Gorringe, Tax-News.com, London
Thursday, July 29, 2010
Guernsey's Chief Minister, Lyndon Trott, has announced a date for the introduction
of an automatic exchange of information regime in the island, which will allow
for the transmission of information relating to interest income earned
by EU-resident individuals to their home authorities. The introduction of such
a regime is a move towards greater tax transparency, abolishing the existing
option to pay a withholding tax on interest income, avoiding disclosure.
Drawing on the results of a consultation, carried out by the Fiscal and Economic
Policy Group in this summer, Trott announced: “In light of the views expressed
by members of industry and industry bodies, and given the States’ commitment
to maintaining the highest standards of tax transparency, the Fiscal and Economic
Policy Group recommended to Policy Council that institutions in Guernsey should
move to automatic exchange of information from January 1, 2011, and no later
than July 1, 2011. This ‘from but by’ transition period is to provide
the maximum flexibility to our industry in making their necessary adjustments
to their payment systems,” he explained.
Under the European Savings Tax Directive, the majority of non-EU countries
allow EU deposit holders to opt for either interest earnings to be reported back
to their home countries, or to have a withholding tax imposed on interest
earned. A withholding tax rate of 15% was introduced in July 2005, in force
until July 2008 when the rate increased to 20%. From July 2011, a 35% rate is
to be ongoing.
According to the Guernsey government, a report on the introduction of the
automatic information exchange regime will be submitted to the States of Guernsey
in the early autumn to confirm arrangements for the move.
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