The Economic and Financial Affairs Council of the European Union (ECOFIN) has today reaffirmed its previous decision that Guernsey is a cooperative jurisdiction with respect to tax good governance.
ECOFIN has published an updated EU list of non-cooperative jurisdictions and confirmed that Guernsey is not one of them. This is on the basis that Guernsey has met its commitment to address general concerns raised by the EU in 2017 in relation to legal economic substance requirements.
This confirms that not only does Guernsey meet the international standards of tax transparency, the principles of fair taxation and is committed to fighting base erosion and profit shifting but now also addresses any concerns that profits were not commensurate with the actual economic substance in the island.
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