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Crown Dependencies Hold First Trilateral Meeting

by Jason Gorringe,, London

30 October 2012

The Chief Ministers of the UK Crown Dependencies, Jersey, Guernsey and the Isle of Man have held their first formal meeting to discuss tax and public sector reform, and the changing environment facing offshore international financial centres.

The forum, held at Gatwick Airport on October 25, 2012, follows on from an earlier meeting in May at which the heads of the territories agreed to regularly engage in trilateral discussions for mutual benefit.

Guernsey's Chief Minister, Peter Harwood, said:

"Guernsey, Jersey, and the Isle of Man, whilst separate and indeed competing jurisdictions in certain areas, face common challenges where working together benefits taxpayers in all of our islands. I am therefore delighted to have followed-up the bilateral meetings held earlier this year with Jersey and the Isle of Man with this opportunity to discuss matters of mutual interest."

Isle of Man Chief Minister, Allan Bell added:

‘In the current international climate it is more important than ever that the Crown Dependencies maintain an open dialogue on matters of mutual interest. The islands may be commercial competitors but we do face common challenges both at home and abroad. This was a very useful opportunity to share views and information on a range of topics including the economy, growing global pressure on tax issues, and our support for developing countries. On the domestic front all three islands are facing up to public sector reform.’

On behalf of Jersey, the island's Chief Minister, Ian Gorst said:

“Since the elections, there has been a real enthusiasm to engage with each other and work together in areas that are of benefit to each island. I’m pleased that this has now been formalised with our first official meeting [which are proposed to continue in 2013]."

TAGS: Isle of Man | environment | compliance | tax | economics | business | company formation | offshore confidentiality | tax avoidance | interest | fiscal policy | public sector | banking | international financial centres (IFC) | budget | Guernsey | Jersey | offshore company formation | offshore | offshore banking | financial reporting

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