EUSD (European Union Savings Tax Directive) - Timing of a movement to automatic exchange of information

Guernsey to move on a ‘from but by’ basis:  from January 1st 2011 but by July 1st, 2011

28th July, 2010 - Following the public consultation carried out by the Fiscal and Economic Policy  Group¹ earlier this summer, the Chief Minister today made a short statement, on the subject of the timing of movement to automatic exchange of information for the equivalent measures Guernsey adopts relating to the EU Savings Tax Directive, to the States of Deliberation immediately prior to the commencement of its July meeting.  This statement outlined the intended timing of a movement to automatic exchange of information following the consideration of the results of the consultation process.

In that statement, Deputy Trott, Chief Minister, said: “In light of the views expressed by members of industry and industry bodies, and given the States’ commitment to maintaining the highest standards of tax transparency, the Fiscal and Economic Policy Group recommended to Policy Council that institutions in Guernsey should move to automatic exchange of information from January 1st, 2011 and no later than July 1st, 2011.  This ‘from but by’ transition period is to provide the maximum flexibility to our industry in making their necessary adjustments to their payment systems.”

A report will be submitted to the States in the early autumn to confirm arrangements for the move.

¹ The Fiscal and Economic Policy Group, chaired by the Chief Minister, is a political sub group of the Policy Council and is responsible for development of long term fiscal and economic strategy for Guernsey.

Contact information

Issued by:
Philip Henderson
External Affairs Officer

Email: philip.henderson@gov.gg
Tel:     01481 717131