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Guernsey Looked Upon Favourably During Washington Visit,
by Jason Gorringe, Tax-News.com, London
Tuesday, May 19, 2009
The political establishment in the US is looking far more favourably on Guernsey
than it once did, according to Guernsey’s Chief Minister, Lyndon Trott.
The Chief Minister has recently returned from Washington where he was leading
a delegation from Guernsey that built on the Island’s OECD ‘white
listing’ by reinforcing its credentials as a transparent and co-operative
low-tax jurisdiction to those on Capitol Hill.
“I think it is fair to say that the US is looking upon Guernsey far more
favourably than it once did,” said the Chief Minister, who led a similar
delegation to Washington in 2007.
“We have got to where we are after building solid relationships in 2007
and being able to return and consolidate our efforts on the back of the OECD
white listing. The visit was extremely important in developing our international
identity.”
“Some in Guernsey still underestimate just how significant our white-listing
is. It has secured the future of the Island as a financial services centre.
Those we met in Washington were quick to appreciate our status as a transparent
and co-operative jurisdiction as a result.”
Peter Niven, Chief Executive of Guernsey Finance – the promotional agency
for the Island’s finance industry - added: “The success the delegation
has had in highlighting the fact that we are a transparent and co-operative
low-tax jurisdiction is very good news for the Island. It is important to build
on the momentum gained from our white listing by reinforcing these messages
at various levels so that we can continue to enhance our reputation as a leading
international finance centre.”
The Guernsey delegation had more than a dozen meetings with senior counsel to
Democrat and Republican senators during the four day visit.
These included representatives of the United States Senate Finance Committee,
the United States House of Representatives Ways and Means Committee, the United
States Senate Permanent Sub-Committee on Investigations, the Multistate Tax
Commission, the Joint Committee on Taxation, and the US Department of the Treasury.
The Multistate Tax Commission is considering revising its Model Statute –
which serves as a template that states can use to enact tax laws – to
include the new OECD ‘tax haven’ listings of 2009 rather than the
previous listing of 2000.
“This is precisely the change in policy that we have been advocating
and developments like this are exactly the reason we made this trip,”
said the Chief Minister.
Trott also met with the International Monetary Fund, which is scheduled to
inspect Guernsey this autumn.
The Chief Minister is also planning to invite Robert Roach to the Island. Mr
Roach is the Chief Investigator of the Senate Permanent Sub-Committee on Investigations
and also tax counsel to Senator Carl Levin, the lead sponsor of the Stop Tax
Haven Abuse Act in the Senate.
"If the Chief Investigator is able to find the time I believe many in
our financial services sector would benefit from hearing him talk from the US
perspective."
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