Guernsey and Jersey have signed a multilateral competent authority agreement, which takes a further step toward the implementation of a new single global standard for automatic exchange of taxpayer information.
Representatives from both Channel Islands joined with other members of an ‘Early Adopters Group’ of 51 countries and jurisdictions in a signing ceremony hosted by the German Minister of Finance, Dr Wolfgang Schäuble, in Berlin yesterday.
A statement issued by the Early Adopters Group said: “As a result of the leadership the Early Adopters Group has shown and continues to show, all major financial centres have now committed themselves to a concrete timetable of first exchange of information in either 2017 or 2018… In doing so, we have recognised that only those financial centres which adopt the highest standards of transparency and work in close cooperation with each other will be those that prosper in the future.”