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Jersey Supports OECD New Global Standard For Information Exchange

by Jason Gorringe, Tax-News.com, London

19 February 2014


The Chief Executive of Jersey Finance, Geoff Cook, has expressed support for the Organization for Economic Co-operation and Development's (OECD) new single global standard for the automatic exchange of information between tax authorities worldwide, which was unveiled on February 13, 2014.

"Tax evasion is a global problem and requires a global solution," he said. "Creating a single international standard that seeks to deal with the inadequacies of the current tax system and clamps down on harmful and abusive activity is something that we in Jersey fully endorse."

"Jersey has supported the G5 pilot since it was announced and was one of over 30 countries to commit to early adoption of the Common Reporting Standard once published. We have already completed automatic tax exchange agreements with the US and with the UK, committed to join the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters and completed 34 TIEAs and 8 DTAs. The introduction of the (Competent Authority Agreement) and the CRS will further promote the level playing field in the area of tax information exchange and add to the ways in which Jersey can further its co-operation with other tax authorities."

"These reforms are a platform for mobilizing money transparently and allowing greater global investment, which we strongly welcome."

The CRS seeks to establish automatic exchange of tax information as the new global standard for governments. It imposes obligations on Financial Institutions to review and collect information so as to identify where account holders pay tax and then to provide this information to the relevant tax authority.

TAGS: compliance | Finance | Institutions | tax | investment | tax compliance | Organisation for Economic Co-operation and Development (OECD) | Jersey | tax authority | agreements | transfer pricing | Tax | Tax Evasion

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