Accountancy Age has reported that HM Revenue & Customs:
HM Revenue and Customs hopes to make progress on negotiations with the Cayman Islands, China, Germany, Hungary, Faroe Islands and Saudi Arabia; and also to progress negotiations with the Crown Dependencies and Overseas Territories on Tax Information Exchange Agreements (TIEAs).
Apparently the hope is to be fulfilled by March 2007. I won't hold my breath. Nor do I expect automatic information exchange, which is the only acceptable basis for openness and transparency by which a territory can prove its commitment to rid all dishonest practices from its shores. Somehow I can't see Cayman, Jersey, Guernsey, the Isle of Man and the rest being ready for that as yet.
Not sure about the Faroe Islands - but then, they've never been a tax haven. Funny that, it just proves some islands can survive without the finance industry. Shame about the whaling though.
Tags: Guernsey, Jersey, Isle of Man, Crown dependencies, Faroe islands, double tax treaty
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Information exchange would open up the activities of the finance industry in the Crown Dependencies to some scrutiny.
If this happens, I can see some firms looking for somewhere else to do business, especially as Jersey and Guernsey have become very expensive places to conduct business from.