Both Guernsey and Jersey have voluntarily committed to adhering to the EU’s Code of Conduct on Business Taxation, which was established in 1999. The EU’s Code of Conduct Group periodically conducts reviews of the tax regimes in individual Member States, and other jurisdictions like the Channel islands that have subscribed to the Code principles, in order to identify any harmful tax practices. On 4 December EU Finance Ministers (ECOFIN) approved conclusions which confirmed that Guernsey’s regime, as amended in June 2012, was Code compliant. (Jersey’s regime was similarly reviewed and approved in 2011).
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