Jersey Welcomes Planned TIEA With South Africa

by Robert Lee, Tax-News.com, London

12 August 2010

Jersey Finance - the promotional agency for the island’s financial services industry – has welcomed plans for the signing of a Tax Information Exchange Agreement (TIEA) with South Africa.

Jersey Finance, in a statement on August 10, said:

“The industry is fully supportive of the series of TIEAs signed by the Jersey authorities. The agreements emphasize Jersey’s commitment to meeting international tax standards of transparency and information exchange and they demonstrate Jersey’s willingness to participate in global initiatives designed to strengthen the financial services system and combat fiscal crime."

“Jersey’s finance industry has a long-standing commercial relationship with South Africa and many of the leading financial services organizations in South Africa have an office presence in Jersey.”

Under the agreement, information with respect to criminal and civil tax matters would be exchanged between the competent authorities of both parties where it is relevant to the assessment and collection of tax. "This agreement would therefore reinforce an already solid relationship that the industry in Jersey enjoys in South Africa for corporate governance and probity. The signing will strengthen commercial ties further,” Jersey Finance stated.

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