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Crown Dependencies support G8 initiative on tax, trade and transparency

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Saturday 15 June 2013

Joint statement from the Chief Ministers of Guernsey, Jersey and the Isle of Man

We met with the Prime Minister today to discuss Tax, Trade and Transparency, where we had a very constructive exchange of views on the practical steps needed to tackle the global problem of tax evasion.

As part of our contribution to advancing this key global agenda and to create a level playing field right across the world we have agreed 3 important steps:

We support the Prime Minister's view that as we free up the world economy we must make sure openness delivers benefits for rich economies and developing countries alike and that we maintain confidence in the fairness and effectiveness of our tax systems and in the operation of global markets. Tackling tax evasion and fraud is a global responsibility in which we will continue to play our full part.

We welcome the Prime Minister's leadership and willingness to work in partnership with us in seeking to achieve a step change in international standards through the UK's G8 Presidency.

As part of our continuing commitment to tackling tax evasion and fraud, we have also undertaken to publish Action Plans at the same time as those G8 countries publishing plans in Lough Erne setting out the concrete steps, where needed, to fully implement the Financial Action Task Force standards to further increase transparency on beneficial ownership information and to ensure that this information is freely available to law enforcement and tax authorities.

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters is an important global instrument, which builds upon our existing network of bilateral agreements for exchanging information between tax authorities. The Convention offers an accessible route to increase the number of jurisdictions which will be able to benefit from information exchange. We commit to joining the Convention and will be requesting its extension to our jurisdictions as rapidly as possible, subject to our domestic procedures.

We are committed to continuing to play a leading role in delivering a responsible and effectively regulated global business environment and in tackling the global problem of tax evasion.

Deputy Peter Harwood                Senator Ian Gorst                 Allan Bell MHK 
Chief Minister                                Chief Minister                       Chief Minister
Guernsey                                        Jersey                                    Isle of Man

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