Director-general warns over the island's tax reputation

A STRONG warning about a likely end of tax avoidance-based activities in the Guernsey finance sector has been issued by the director-general of the Financial Services Commission.

Nik van Leuven told a packed St James at the commission's annual industry update that the island's reputation continued to be crucial for the industry.

And the pressure being increasingly raised on tax-based activities in the island threatened that reputation, he argued. 'Those who practise in financial services cannot but fail to be aware of the increasing focus given to fiscal arbitrage,' he said.

'In this respect our business world has changed.'

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