Tax expert urges Channel Islands not to follow Isle of Man on compliance deal
Thursday 21st February 2013, 3:00PM GMT.
John Riva of KPMG
A TAX expert has urged Jersey and Guernsey not to accept the same tax deal with the UK that the Isle of Man signed up to this week.
John Riva of KPMG has warned against the adoption of an automatic exchange of tax information on the same terms as the other Crown dependency.
The UK government wants all three territories to sign up to a US-style Foreign Account Tax Compliance Act agreement being promoted as a new international standard.
The UK and Isle of Man’s version of Fatca will, like the US rules, allow for the sharing of information across borders.
Chief Minister Ian Gorst said that discussions were continuing with the UK government and added that Jersey remained committed to complying fully with all relevant international standards.
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A clear sign that this will result in a loss of business. Worrying, but we would not be in a strong financial position if it was not for secrecy and tax avoidance.
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Somehow I think that this is an offer that we cannot refuse.
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What the UK wants, the UK will get. Walker signed an agreement which gave the UK the right to tell us what to do, remember?
Of course they have to consult with us before telling us what to do.
This is just another step in the progress towards making the City of London the world’s offshore centre which leaves Jersey with no role to play.
I bet the UK does not have these agreements with anyone.
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Did Mr Riva give any reason why we shouldn’t accept the same deal?
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The best days have gone for Mr John Riva, of course.!
Understandable that he would like his highly remunerated employment to continue for as long as possible. His views are purely self interest motivated.
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