EU Confirms Jersey and Guernsey as Being Co-Operative in Sharing Beneficial Ownership Information

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The Channel Islands have been reaffirmed by the European Union (ECOFIN) as being co-operative jurisdictions with respect to tax good governance.

ECOFIN has published an updated EU list of non co-operative jurisdictions and confirmed that Guernsey and Jersey do not appear on the list.

ECOFIN’s decision followed commitment by Jersey and Guernsey in December 2018 to further demonstrate their commitment to economic substance and tax transparency.

Both jurisdictions introduced legislation approved by the EU’s Code of Conduct Group in January and recommended both Islands had met its commitments to implement tax good governance principles.

Jersey’s Minister for External Relations, Senator Ian Gorst, commented: “Jersey has consistently maintained that we are a jurisdiction of substance, and we have worked quickly and effectively to introduce economic substance legislation, meeting a commitment made to the Code Group in November 2017. I welcome the decision today by ECOFIN to remove Jersey from Annex II, reaffirming our reputation as a co-operative and well-regulated jurisdiction that is committed to the development of new international standards in fair taxation.”

Guernsey’s President for Policy & Resources Deputy Gavin St Pier says, “I hope that it is now clear to EU Member States that they can have confidence in the work of the Code Group and consequently there is no further role for national blacklists, the basis of which are often arbitrary and prepared without any dialogue.”

To view the EU Commission Press Release click here.

To view the States of Jersey Press Release click here.

To view the State of Guernsey Press Release click here.

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