A topical guide to offshore e-commerce focused on tax
and regulation LawAndTax-News.com
Daily news and background data on tax and legal developments
for international business
Guernsey Responds To UK Offshore Finance Centre Probe,
by Jason Gorringe, Tax-News.com, London
Thursday, June 26, 2008
The Guernsey authorities have this week defended the island’s finance industry to the UK Government.
The Policy Council has made a written response to the House of Commons Treasury
Select Committee, which announced an inquiry into Offshore Financial Centres
in April.
The document highlights the reasons, in the view of the Island's authorities, for Guernsey’s reputation as a leading
provider of international financial services.
These include:
An effective regulatory regime that meets or exceeds international standards
on financial regulation, anti-money laundering and controlling the financing
of terrorism;
International co-operation on regulation and the investigation of financial
crime;
Competitive taxation and certainty in its taxation system; and
Regular, external and independent reviews – in the majority of cases
at Guernsey’s express invitation and in all cases with Guernsey’s
full co-operation and assistance.
The States authorities have also reiterated their belief that the classification of financial
centres as ‘offshore’ and ‘onshore’ is inappropriate.
"This does not fairly distinguish between those jurisdictions which are
well regulated and transparent and those which are not," explained Chief
Minister Deputy Lyndon Trott, adding that:
"Each jurisdiction should be considered on its own merits on the basis
of objective criteria. By a number of objective measures, reports and assessments,
Guernsey is a well-regulated, transparent and co-operative jurisdiction committed
to maintaining international financial stability and preventing financial crime."
The Treasury Select Committee announced its inquiry, as part of its ongoing
workstream of Financial Stability and Transparency, on 30th April this year.
It particularly asked for written evidence on issues including the role of
offshore financial centres in worldwide financial markets; whether their use
threatens financial stability; transparency; and the impact on UK tax revenue.
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: TAX-NEWS.COM
has taken reasonable care in sourcing and presenting the information
contained on this site, but accepts no responsibility for any financial
or other loss or damage that may result from its use. In particular,
users of the site are advised to take appropriate professional advice
before committing themselves to involvement in offshore jurisdictions,
offshore trusts or offshore investments. All materials on this site
copyright TAX-NEWS.COM 1999 to 2003. Contact
us for further information.
Free Tax-News Feed