Shoulder to Shoulder Crown Dependencies on Tax Changes

Deputy Mark Helyar, Treasury chief for policy and resources, discussed the G7 decision with his counterparts in Jersey and the Isle of Man. (Photo by Peter Frankland, 29633687)

Mark Helyar, treasury officer for the policy and resources committee, said a common position is being taken by Crown Dependencies as global discussions continue on international tax policy.

And there were no immediate plans to change Guernsey’s zero-to-ten tax regime, he said.

Over the weekend, the G7 group of countries backed a series of tax changes, targeting tech giants to pay taxes in the countries where they operate, and not just where they are headquartered. A corporate tax of at least 15% globally has also been supported.

International discussions are now focused within the larger group of nations of the G20 and the Organization for Economic Co-operation and Development, which is developing a new global tax framework to take account of the digitization of the global economy.

MP Helyar said he had spoken to his counterparts in Jersey and the Isle of Man to discuss the Crown Addictions joint approach to the situation.

“It’s exactly the same, meaning we don’t know the details yet. We are very compliant jurisdictions. We will cooperate. And if we see that there are exceptions starting to be created, for example, in the EU, with Ireland and other places, then we will seek to have the best possible position to move forward .

Crown Dependencies would also act in concert if future changes were made if a global deal was reached on a new international tax system.

‘Absolutely. We have just had this discussion and we agree that we should all stand together, ”said MP Helyar.

‘I literally just walked out of a conference call with [Jersey’s] Ian Gorst and Alfred Cannan [from the Isle of Man government]. We agreed that the islands would be side by side. They will have the same approach.


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