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Frontpage / News / Guernsey and Jersey among 68 signatories of the OECD Multilateral Convention on the prevention of base erosion and profit shifting (BEPS)

Guernsey and Jersey among 68 signatories of the OECD Multilateral Convention on the prevention of base erosion and profit shifting (BEPS)

The Chief Ministers of Guernsey, Deputy Gavin St Pier, and of Jersey, Senator Ian Gorst, on 7 June 2017 joined representatives of more than 60 jurisdictions at the OECD Headquarters in Paris for the signing of a multilateral convention to implement tax treaty related measures, designed to prevent base erosion and profit shifting (BEPS).

Chief Minister of Guernsey, Deputy St Pier, said:

“It is an honour to sign this OECD agreement on behalf of Guernsey alongside so many other countries, including the major global economies.  The agreement evidences again Guernsey’s leading position at the forefront of international tax co-operation.  We were one of only four smaller jurisdictions invited to participate in the group that drafted this treaty, which is a real testament to our expertise in this area and the regard in which Guernsey is held.”

“The agreement is also the first multilateral agreement that Guernsey has signed itself in line with the development of our international personality as envisaged by the Constitutional Investigation Committee during the last States’ term.  The signing has provided an opportunity to discuss international tax matters with a number of finance ministers from around the world.”

Chief Minister of Jersey, Senator Ian Gorst commented:

“I am delighted to be able to sign the MLI on behalf of the Government of Jersey. Our participation in this crucial agreement demonstrates the Island’s commitment to tax transparency and to ensuring that, as a leading international finance centre, we meet the most robust regulatory criteria and uphold international standards.”

The OECD Multilateral instrument to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) was developed through negotiation with over 100 countries and jurisdictions in order to help governments close gaps in international tax rules in line with the OECD’s BEPS project.  The Agreement will improve the operation of over 1,100 tax treaties globally.