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UK Welcomes Jersey's Progress On Tax Transparency,
by Jason Gorringe, Tax-News.com, London
Monday, June 29, 2009
UK Treasury Minister Stephen Timms has welcomed Jersey’s progress in signing
Tax Information Exchange Agreements, which he says is strengthening the jurisdiction’s
reputation as a jurisdiction committed to "good governance in tax matters."
Noting that Jersey recently concluded its fourteenth agreement, Timms, Financial
Secretary to the Treasury, said: "I warmly welcome Jersey’s continuing
progress in concluding Tax Information Exchange Agreements. Jersey’s firm
commitment to transparency and exchange of information in tax matters is very
encouraging, and I call on others to follow their example”.
The UK Treasury also commended Jersey’s anti-money laundering legislation
and practice, counter terrorist financing legislation and financial regulation,
and the Island's participation in international efforts to combat such crimes.
The UK statement was welcomed by Jersey’s Deputy Chief Minister, Philip
Ozouf, who said: “The Financial Secretary to HM Treasury, Stephen Timms,
has welcomed our progress in signing Tax Information Exchange Agreements, and
has stated clearly that this strengthens our reputation as a jurisdiction committed
to good governance in tax matters.
He added: “We have recently concluded our fourteenth TIEA, by signing
with Australia earlier this month. We plan to continue this programme of negotiating
agreements, which began with the USA in 2002. The next TIEA signing we have
scheduled is with New Zealand.”
Jersey has also signed TIEAs with Denmark, Faroe Isles, Finland, France, Germany,
Greenland, Iceland, Ireland, Netherlands, Norway, Sweden and the United Kingdom.
In its progress report on the implementation of the internationally agreed
tax standard, issued in conjunction with the G20 London Summit of April 2, the
OECD listed Jersey as a jurisdiction that has “substantially implemented”
said standard and thus gained a place on the Organization’s ‘white
list’ of compliant jurisdictions.
However, this did not prevent UK Prime Minister Gordon Brown writing to the
governments of the Crown Dependencies shortly after the G20 summit with the
veiled threat of sanctions should they deviate from this policy of transparency.
“I think it is particularly important that the Crown Dependencies continue
to set the pace in this process and put clear water between themselves and those
jurisdictions which only just meet the international standard,” he wrote.
“If genuine progress in agreeing, implementing and abiding by these agreements
does not continue to be made I will encourage the G20 to look at the issue again
until all abide by the highest standards."
Brown also broached new territory in suggesting that future international tax
transparency standards may extend to tax avoidance – as opposed to tax
evasion – which is perfectly legal in many jurisdictions.
"Similarly, as all international efforts on harmful tax practices start
to refocus on the issue of tax avoidance, it will be vital to the interests
of the Crown Dependencies that they can readily meet the new international standards
which emerge," Brown wrote.
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