TaxPersonal TaxChannel Islands agree to OECD reforms

Channel Islands agree to OECD reforms

Guernsey and Jersey will no longer be labelled 'tax havens' after agreeing to transform their financial systems in accordance with requirements set out by the Organisation for Economic Cooperation and Development.

As a result of their decision, the two islands will no longer appear on a the list of 35 jurisdictions labelled as tax havens.

And they have have been invited, together with the other committed jurisdictions and OECD member countries, to the OECD’s Global Forum to discuss the design and implementation of standards.

The OECD made the announcement today, saying both crown dependencies had agreed to improve the transparency of their tax and regulatory systems.

Furthermore, they will also ‘establish effective exchange of information for tax matters with OECD countries by 31 December 2005.’

Guernsey and Jersey’s about turn is yet another victory for the OECD’s in its attempts to put an end to harmful tax regimes across the globe.

But Jersey, along with the British territories of Gibraltar, Montserrat, the British Virgin Islands, the Turks and Caicos Islands and Anguilla are all on the list and face the threat of having favourable tax treaties scrapped and other harsh penalties unless they agree to OECD reforms.

Related Articles

Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4w Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

2m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

2m Alia Shoaib, Reporter
HMRC collects record £5bn in inheritance tax

HMRC HMRC collects record £5bn in inheritance tax

3m Emma Smith, Managing Editor
Making Tax Digital: What might HMRC’s penalties model look like?

Corporate Tax Making Tax Digital: What might HMRC’s penalties model look like?

3m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

2m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

3m Emma Smith, Managing Editor
Rangers tax case to have ‘dramatic’ consequences for football and business

Legal Rangers tax case to have ‘dramatic’ consequences for football and business

3m Emma Smith, Managing Editor