The Jersey Evening Post reported on Tuesday that, following an altercation with the UK government over compliance with a European Union savings tax directive, Jersey has agreed, in principle, to make some concessions - the first Crown Dependency or Overseas Territory to do so within the context of the EU package.
The newspaper reported that Policy and Resources President, Senator Pierre Horsfall announced earlier this week that the Island will agree to an exchange of information on the savings income of EU residents, provided States approval is given to legislative amendments necessary to achieve this.
However, the JEP revealed, no agreement has been reached regarding the European Union Code of Conduct on Business Taxation, which would require the jurisdiction to amend or remove certain tax measures which have been key to Jersey's success as an international financial centre, but which the EU regards as 'harmful tax practices'.
The newspaper quoted Senator Horsfall on Tuesday as announcing that the matter is still being discussed by the Policy and Resources Committee.
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