Following the recent OECD conference in Barbados, Jersey has announced that it welcomes the latest developments in the organisation's moves to tackle 'harmful' tax practices.
The conference concluded with members of the OECD, the Commonwealth, Caribbean and Pacific countries agreeing to establish a task force to deal with guidelines concerning transparency and the exchange of information on tax matters in offshore finance centres. The remit of the task force will be to establish a political process through which these guidelines can be developed into commitments and eventually replace the OECD's current 'listing' process.
A press release issued by Jersey Financial Services Commission said that the island's finance industry fully backs Jersey's agreement to the task force. Over 200 companies have been informed of Jersey's position and each response has so far been positive and non-critical.
In fact, the finance industry has recently enjoyed a significant growth in investment funds and the latest figures show that the industry continues to prosper. During the third quarter of 2000 bank deposits in Jersey rose to £115.9bn and the value of investment funds to £90.3bn, year on year increases of 7.9% and 53.9% respectively.
'Right from the start we have called for a constructive, multilateral dialogue on all aspects of the OECD initiative and we are delighted that this now appears to be the direction in which the OECD are moving,' said Policy & Resources President Senator Pierre Horsfall.
He concluded: 'We will be very pleased to play a full part in any such dialogue and welcome the opportunity for sensible discussion that this new task force should provide.'
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