Island fighting hard to be left off EU’s ‘tax haven’ blacklist

A leaked version of a list of non-EU uncooperative tax jurisdictions being drawn up by the European Council appears to indicate that the island will not be included when the final list is published next week.

Guernsey authorities have been involved in a lengthy process with the EU and have argued the island’s case robustly.

The ‘blacklist’ is due to be published on Tuesday, with Guernsey now unlikely to be included, according to a variety of news reports.

Jersey has also been excluded, most say, but campaigning organisation Open Data for Tax Justice has included Jersey on its expected list, while leaving Guernsey off.

Tony Mancini, tax partner at KPMG, said last week that jurisdictions left on the final blacklist could face a range of sanctions or ‘defensive measures’ from the EU. But as or more damaging could be the reputational damage to a financial centre and the implications for head offices of firms based in blacklisted territories.

‘We need to address concerns and make sure we can sustain business here,’ Mr Mancini said.

Full story in today's Guernsey Press