Fight continues on tax evasion
Friday 14th November 2008, 2:30PM GMT.
GUERNSEY is among the top six international finance centres improving its transparency and exchange of information in tax matters, according to the OECD.
Along with Aruba, Bermuda, Isle of Man, Jersey and the Netherlands Antilles, the island has made substantial progress with the Organisation for Economic Co-operation and Development.
Angel Gurria, OECD secretary-general, speaking at the recent conference on the fight against international tax evasion and avoidance, said there had been a number of significant breakthroughs since 2000 when the organisation launched its project to increase the exchange of information on tax matters.
‘A total of 27 tax information exchange agreements has been signed since 2000 and around 40 more are under negotiation.
‘Most of the progress has been with just six offshore financial centres that are actively negotiating agreements.’
Guernsey is one of those six, and this praise should be enthusiastically welcomed, according to Jonathan Hooley (pictured), external affairs adviser to the States of Guernsey, who has responsibility for arranging tax agreements for the island.
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All very well to sign TIEAs but there’ll be no point if the States of Guernsey continues to stubbornly refuse to bail out Cheshire / LGL savers.
Guernsey won’t have an international finance centre to speak of.
Even the Icelandic Government has now pledged to top up EEA compensation to Icesavers, covering the shortfall of Landsbanki assets.
The UK will pick up the tab for the remainder and the Isle of Man has pledged £150m to help KSF savers.
What about the States of Guernsey? How much longer can they hold out this isolationist stand?
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We can all cooperate until we are blue in the face. The facts will always remain the same. If we wish to make money whilst others are losing theirs then they have every right to question this practice. We have had things our own way for far too long. This is a fact. The reality that we need to start believing is others can’t and won’t lose money to a place that is greedy and wishes to cash in at the expense of others. We are fooling ourselves if we think that we can fight this losing battle. We operate as a middle man when others are desperate to cut this out. I am quite bored by a lot of this. We are cooperating? So what! In essence we are making a rod for our own backs. The time is about to come and it is not too far from now when we will be told enough is enough. What then start an argument that we have no prospect of winning? We all need to appreciate that the good times are over. At least at this time anyway. Everybody is feeling the pinch! We cannot expect to pinch from others and smile about it. I will gladly see the back of finance and uncompetitive tax structures. We are allowing others to literally drive us out of businesses and lives so that they can remain competitive at our expense. Not any more. Compete? If not goodbye cos you won’t get any sympathy or handouts from me or many other locals. The states are a law onto themselves and if they feel that they are doing a good job then my sympathy rests with how the future is going to shape up? Recession is a great thing in my opinion. So I won’t be treating myself to a new car this year. I am not complaining one bit. What I am looking forward to is less traffic, cheaper living and generally a better quality of life. I am not talking about the things that money buys. The best things in life are free. This is something that a lot of people have forgotten. I welcome it back!
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