Swiss handover of US names ‘a timely reminder’ ¬ª Business ¬ª This Is Guernsey.
THE handing over of 4,450 names of wealthy Americans who have offshore accounts in Switzerland is a timely reminder for Guernsey’s finance centre, according to KMPG tax partner Tony Mancini.
‘This is quite a significant development,’ said Mr Mancini. ‘Much of Switzerland’s success as a finance centre has been built upon its banking secrecy laws.
‘This deal suggests that those laws are no longer as effective as they were once perceived to be, when allegations of tax evasion are involved.
‘This development, and the agreement between the UK and Liechtenstein, indicate how jurisdictions that have relied upon banking secrecy laws are coming under intense pressure from other governments.’
Under Guernsey law, which does not allow for banking secrecy, Mr Mancini said suspicions of such activity must be reported and it was therefore unlikely that a case would emerge in Guernsey.
What a load of rubbish.
Are all Guernsey banks now reporting all cases of refusal to disclose information under the European Union Savings Tax Directive as suspected tax evasion - which in almosty every case they are? If not then his argument is blatantly wrrong - because non-reporting is the norm.
These people do comfort themselves with complete nonsense.
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How about this then
http://www.thisisjersey.com/2009/08/07/eu-residents-bring-in-9m-tax/
[quote]
European Union residents with savings in Jersey contributed nearly £9 million to the States budget last year.
The Comptroller of Income Tax is entitled to cream off 25% of the taxes collected on behalf of EU countries from EU residents who have savings accounts in Jersey but who prefer not to divulge their details to their home tax authorities.
In all, Jersey paying agents retained a total of £35.62 million of tax from the interest on those savings, in accordance with the EU savings tax directive.
Two-thirds of the total came from UK savers and French and Spanish savers together accounted for 13% of the whole.
Treasury Minister Philip Ozouf said: ‘This shows that Jersey continues to honour the commitments that it entered into voluntarily in the agreements with member states. This co-operation will continue in the future.’
[/quote]
Does it not seem to all that this is blatant tax evasion from the accountholders???