On 4 March 2020, the States of Guernsey Revenue Service released Guernsey’s policy on Tax Information Exchange Agreements (“TIEAs”) and Double Taxation Arrangements (“DTAs”) (Link).
The policy highlights that Guernsey is politically and actively committed to the principles of transparency and the exchange of information for tax purposes. Besides participating in the Multilateral Convention, Guernsey stands ready to sign further TIEAs and DTAs and negotiate with any territory without prioritizing any country of no, or little, economic significance over a country with which it has substantial relevant economic ties.
In addition, on 11 March 2020, the States of Guernsey Revenue Service issued “The Income Tax (Approved International Agreements) (Implementation) (Mandatory Disclosure Rules) Regulations, 2020” (Link).
The regulation addresses:
- The implementation of the Mandatory Disclosure Rules and Competent;
- The meaning of ” Common Reporting Standard (“CRS”) avoidance arrangement”;
- The meaning of “opaque offshore structure”.