Guernsey has committed to support the actions being undertaken under the OECD Base Erosion and Profit Shifting (BEPS) project. The aim of this project is to reach a globally fair and modern international tax system, and one aspect of the initiative is the introduction of Country-by-Country Reporting to improve transparency between multinational businesses and tax authorities, and to help identify aggressive tax avoidance.
The purpose of the consultation, which closed in October 2016, was is to invite comments on how Guernsey should proceed to legislate to implement Country by Country Reporting.
New regulations were implemented in December 2016 and further information can be found here.
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Updated: December 2016