OECD: Second Stage Peer Review of Guernsey under BEPS Action 14
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
See MoreUK: Double Tax Agreement with Guernsey in force
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
See MoreGuernsey: The Beneficial Ownership of Legal Persons Law enacted
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
See MoreU.S. and Guernsey sign an agreement on the exchange of country-by-country reports
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
See MoreSingapore – Agreement for automatic exchange of financial account information with Guernsey superseded
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Singapore and Guernsey for the exchange of financial account information with Singapore signed on 7 April 2017 has been replaced by the Singapore's signing of the Multilateral Competent Authority Agreement
See MoreGuernsey signs OECD Agreement to prevent corporate tax avoidance
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
See MoreHong Kong signs agreements on automatic exchange of financial account information in tax matters with 6 jurisdictions
Hong Kong has signed agreements with six jurisdictions for conducting automatic exchange of financial account information on tax matters. They are Belgium, Canada, Guernsey, Italy, Mexico and the Netherlands. A Government spokesman said on 17 March
See MoreTIEA between Switzerland and Guernsey enters into force
The tax exchange of information agreement (TIEA) between Guernsey and Switzerland has been entered into force on 1 January 2017 through an exchange of notes (EoN). It applies from the same date of its entry into force. The agreement was signed on 26
See MoreGuernsey, United Kingdom amending protocol enters into force
On 6 December 2016, the amending protocol and exchange of letters of income tax treaty between Guernsey and United Kingdom entered into force that was signed on 9 March 2016 by Guernsey and on 29 February 2016 by the United
See MoreGuernsey: Tax authority updates the tax penalty statement for non-compliance
The tax authority of Guernsey had updated the Statement of Practice M46 on penalties imposed for non-submission of tax returns which was published on 8 December 2016. As per the statement, all taxpayers are required by law to submit income tax
See MoreGuernsey: The amended Statement released on taxation of banking businesses
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
See MoreUK: Legislation to ratify agreements with Jersey, Guernsey, and Kosovo
Legislation was forwarded on December 9, 2015 to the House of Commons to ratify the UK's pending tax agreements with Jersey, Guernsey, and
See MoreTIEA between Bulgaria and Guernsey approved by Bulgaria
The Tax Exchange of Information Agreement (TIEA; 2015) between Bulgaria and Guernsey was approved on 26th August 2015 by the Bulgarian Council of
See MoreSlovak Republic-Guernsey TIEA enters into force
The Tax Information Exchange Agreement (TIEA) between Guernsey and Slovakia has signed and will come into force on 26th January
See MoreLuxembourg: Double Taxation Treaty (DTA) with Guernsey enters into force
The Double Taxation Treaty (DTA) between Luxembourg and Guernsey has entered into force on August 8,
See MoreCyprus and Guernsey Sign bilateral Double Tax Agreement
In order to avoid double taxation, Cyprus and Guernsey signed an Income and Capital Tax Treaty on 29 July 2014. The treaty will enter into force after the two countries exchange ratification instruments. Under the treaty, there is no withholding tax
See MorePoland-Guernsey: Income tax treaty enter into force
The income tax treaty of 2013 between Poland and Guernsey will enter into force on 1 October 2014 and it will be applicable form 1 January
See MoreDTA between Mauritius and Guernsey enters into force
Mauritius and Guernsey signed a double tax agreement on 17 December 2017 . The agreement will enter into force from 27 July 2014. In both countries the agreement applies to income tax and will apply to all taxable years commencing on or after 1
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