B U S IN E S S N EWS
as it should open up some interesting opportunities across the finance sector but particularly within the private wealth sector. The only disappointment is that it has taken so long for Italy to overcome some out-dated prejudices and recognise the high standards of tax information exchange applied in Guernsey.
World first for Digimap Digimap has delivered a rolling E-census system, believed to be the first of its kind in the world to go live. The States has launched the new system to replace its previous paper based census, which collected information about islanders every five or 10 years. The new system, enabled by software created by Digimap, can produce accurate reports every quarter. ‘Information is very important to governments,’ said Colin Le Conte, managing director of Digimap (pictured). ‘Our business specialises in supporting governments to increase efficiency and make more informed decisions through the use of technology.’
Guernsey removed from Italian tax blacklist The Italian Ministry of Finance has removed Guernsey from its revised tax blacklist. Amendments within the 2015 Finance Act mean that the anti-tax haven deduction blacklist has been revised to exclude all countries that have an adequate exchange of information with Italy. Sinéad Leddy, head of technical at Guernsey Finance said: ‘This is welcome news for the practitioners within our finance industry
‘The system has many potential uses. Demographic information is increasingly important to modern governments and this system makes this information easier to access. Importantly it also does not burden the individual. There are no forms to fill in or extra information to provide. It works based on information that people already give to government.’ ‘What is more Guernsey is the first place in Europe to launch an E-census like this so we are excited at the potential for similar systems to be developed in other jurisdictions.’
‘All of the above demonstrate Guernsey’s on-going commitment to meeting leading global standards for tax information exchange. I’m pleased that this has now been recognised by the Italian tax authorities and we look forward to other jurisdictions following suit. Guernsey Finance will be working in partnership with industry and government to ensure that progress on such matters is made as quickly as possible.’
Managing directors of Gentoo, Nick Degnen and Christine Whitehorne are delighted with the expansion of the group. Nick said:
The E-census system processes data provided by various States departments into a form which can be queried by census officers in order to produce reports. It can give information on parish populations, school catchment areas and voting districts. Digimap director of software development John Surcombe explained:
‘Guernsey was among the first set of jurisdictions placed on the OECD ‘white list’ for exchange of information standards in 2009. A Tax Information Exchange Agreement (TIEA) with Italy was signed in September 2012, at the same time as our tax regime was reviewed and given a clean bill of health by the EU. Guernsey has been participating in the OECD’s Convention on Mutual Assistance in Tax Matters (MAC) since August last year and in October 2014 Guernsey agreed to be among the first wave of jurisdictions to adopt the OECD’s Common Reporting Standard (CRS).
Expansion for Gentoo Gentoo Fund Services has expanded into Europe with the acquisition of SHRM Financial Services (Luxembourg) SA, a Luxembourg-based provider of fund administration and domiciliation services. Having gained regulatory approval, the 13-strong Luxembourg team will continue to serve existing clients, supported by Gentoo’s 29 employees based in Guernsey. The acquisition increases the group’s assets under administration to US$15 billion.
‘Our specialised expertise, independence and high quality service have been positive factors in our continued growth and we are pleased to take the next step in the development of Gentoo Fund Services. Luxembourg has always been a logical extension to the group’s fund administration offering, and by having a physical presence there, we are now ableto offer our clients another first-class location in which to do business.’ Christine added: ‘By acquiring SHRM in Luxembourg, we have addedstrength to the services and the skills we offer our clients. Our Luxembourg office’s business focus will include fund administration, domiciliation and fiduciary services and both offices will work closely together to provide a seamless service to our clients.’ 7