Bring on the tax probe, says Giba
Friday 13th March 2009, 2:30PM GMT.
GUERNSEY is ready to confront those who label it a tax haven, according to the Guernsey International Business Association.
Vice-chairman Paul Meader said he was tired of seeing the island being mentioned alongside harmful jurisdictions after UK politicians and the Tax Justice Network suggested it could be included on a new blacklist before the G20 economic summit.
‘If the UK wants to investigate offshore centres, then we say bring it on.
‘We see it as a great opportunity to differentiate between those that are not playing by the rules and international standards and those, like us, that are,’ he said.
Mr Meader (pictured) demanded respect for the island’s system, which he said met international standards that many larger centres did not.
‘We are tired of getting lumped in with everyone else when we are demonstrably in the first tier of financial centres,’ he said.
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It is not only the “tax haven” question which will need to be addressed but whether Guernsey has high enough standards to be entrusted deposits from the international depositors. The answer to this question is a resounding NO: 1,600 hard working depositors have lost 70% of their life savings in a high street, regulated, bank called Landsbanki.
Dispossessed depositors will campaign tiredlessly to ensure that Guernsey face up to their moral responsibilities and be cracked down on by the international community.
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The arrogance of meader is outstanding. Does he really think that Brown, Obama & Co will fall for his bluff….go now meader before u end up losing everything.
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When will these so called business leaders in this island face up to the real challenge?
They simply do not seem capable of grasping the real problem which is that G20 object to the legal schemes which are run from here, and Jersey and the other less reputable centres.
The G20 meeting this weekend has said that there will be changes in regulatory standards, which WILL include tax havens, and like it or not Guernsey is a tax haven in this context.
They do not differentiate between those which are “transparent and well regulated” and the rest – they view ALL offshore centres the same.
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Persons representing the G20 may well be threatening the offshore centres publicly, but they know that they serve a purpose: that they have in no small measure assisted in the globalisation of the world economy.
Attacks taken in haste against them (us) could have the same effect as protectionism. Knee jerk reactions on the basis of lynch mob politics could set the world economy back years. Evolution of inter jurisdictional relationships and tax treaties has to be the way forward.
Hoarding of cash in secret bank accounts, the traditional purpose of tax havens, is not what Guernsey is about (not for a long time, anyway!).
Good luck to Mr Meader.
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Graham – they have in no small measure assisted (indirectly) in the destruction of the world economy, hence the problem.
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