Officials in
Guernsey have written to the Treasury to defend the island's
finance industry.
It is a response to an inquiry announced by the Treasury Select Committee, which asked for evidence as to whether
Guernsey's
financial services threaten the UK
tax revenue system.
Tax-News.com reports that
Guernsey's Policy Council highlighted four key areas which make the island a "leading provider of international
financial services".
It cited its regulatory regime, international co-operation, competitive taxation and its review system as integral to the island's success.
Lyndon Trott, deputy chief minister, told the website that an "
offshore" and "onshore" classification of financial bases is also inappropriate.
"
Guernsey is a well-regulated, transparent and co-operative jurisdiction committed to maintaining international financial stability and preventing financial crime," he added.
A legal expert recently warned the island against adopting too much UK legislation.
Paul Arditti, consultant at Collas Day legal firm, told the
Guernsey Press that the UK is attempting to eliminate competition from
offshore jurisdictions by introducing new laws.
Show me jobs in the
Channel Islands
© Adfero Ltd
