Guernsey: The amended Statement released on taxation of banking businesses

02 May, 2016

The amended Statement of Practice C22 on taxation of banking businesses was released on 28 April 2016. The company standard rate of income tax on company profits is 0% but a 10% tax rate applies to certain banking profits. In particular, under the Fourth and Fifth Schedules to the Income Tax (Guernsey) Law 1975, the company intermediate rate applies to

income derivative from assets funded by way of customer deposits or funded by the amount of capital needed to satisfy the bank’s minimum regulatory requirement.
income from domestic insurance business, insurance intermediary business and insurance manager business from 1 January 2013;
from 1 January 2015,income from fund administration business
from 1 January 2016, income from provision of custody services to unconnected third parties.

Europe

Guernsey

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OECD: Second Stage Peer Review of Guernsey under BEPS Action 14

January 28, 2022

On 24 January 2022 the OECD issued the stage 2 peer review report assessing Guernsey’s compliance with the minimum standard under Action 14 of the project on base erosion and profit shifting (BEPS). Action 14 is concerned with making tax dispute

UK: Double Tax Agreement with Guernsey in force

January 23, 2019

The comprehensive Double Taxation Agreement and Protocol between the UK and Guernsey was signed on 2 July 2018 entered into force on 7 January 2019. When the agreement is in effect in relation the 1955 Arrangement between Guernsey and the UK for the

Guernsey: The Beneficial Ownership of Legal Persons Law enacted

September 28, 2017

The Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 came into force on 15 August 2017. The Law establishes the Office of the Registrar of Beneficial Ownership of Legal Persons, sets out the powers and functions of the Registrar, and

U.S. and Guernsey sign an agreement on the exchange of country-by-country reports

July 27, 2017

According to an IRS announcement on its website, the competent authorities of U.S. and Guernsey have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of country-by-country

Singapore – Agreement for automatic exchange of financial account information with Guernsey superseded

July 20, 2017

The competent authority agreement between Singapore and Guernsey for the exchange of financial account information with Singapore signed on 7 April 2017 has been replaced by the Singapore's signing of the Multilateral Competent Authority Agreement

Guernsey signs OECD Agreement to prevent corporate tax avoidance

June 13, 2017

Guernsey has signed the Multilateral Convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). On 7 June 2017, the President of the Policy & Resources Committee, Deputy