Guernsey to move to EU automatic exchange of information
Chief Minister Lyndon Trott told the Guernsey parliament, on 28 July 2010, that Guernsey plans to move to automatic exchange of information under the EU Savings Tax Directive in place of the equivalent measures that it has operated since the Directive came in to force.
His statement, which followed consideration of the results of the consultation process carried out by the Fiscal and Economic Policy Group, said Guernsey would give financial institutions a six-month window -- from 1 January to 1 July 2011 -- for moving to automatic exchange of information.
Trott said: "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 1 January 2011 and no later than 1 July 2011. This transition period is to provide the maximum flexibility to our industry in making their necessary adjustments to their payment systems."
A report will be submitted to the States of Guernsey in the early autumn to confirm arrangements for the move.
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