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Revision of Double Taxation Agreements (arising from the effects of the OECD/G20 Base Erosion and Profit Shifting Multilateral Instrument)

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P.2018/110 - Policy & Resources Committee

The States are asked to decide:-

Whether, after consideration of the Policy Letter entitled "Revision of Double Taxation Agreements (arising from the effects of the OECD/G20 Base Erosion and Profit Shifting Multilateral Instrument)" dated 2nd October, 2018, they are of the opinion:-

1. To declare that the amendments to the Double Taxation Agreements ("DTAs"), made with Cyprus; Hong Kong; Liechtenstein, Luxembourg; Malta; Mauritius; Monaco; Seychelles and Singapore, by the Multilateral Instrument:-

     (a) have been made with the governments of other territories with a view to affording relief from double taxation in relation to income tax and any tax of a similar character imposed by the laws of those territories, and

     (b) it is expedient that the DTAs, as so amended, should have effect in relation to income tax in accordance with section 172(1) of the Income Tax Law, notwithstanding anything in that Law or any other enactment.

2. That sections 172(1) and (1A) of the Income Tax Law be revised:

     (a) to put it beyond doubt that the amendments to Guernsey's DTAs by the Multilateral Instrument, and future DTAs, or subsequent revisions to existing DTAs, which contain provisions that may be considered as relating to, or which could be considered to be consequential or supplementary to, non-double taxation issues, may be declared by the States as having effect in relation to income tax if the States considers it expedient and appropriate to do so; and,

     (b) that a consequential amendment be made to section 75C of the Income Tax Law, which would permit the Director to use the powers to obtain information, contained in Part VIA, of the Income Tax Law, to the extent that it is necessary to do so, for the purpose of the implementation of such provisions.

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Revision Of Double Taxation Agreements (Arising From The Effects Of The OECD G20 Base Erosion And Profit Shifting Multilateral Instrument)

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