Jersey has announced its "delight" at the outcome of the OECD’s Global Forum
on Tax Transparency and Information Exchange, held in Mexico last week. The meeting,
attended by almost 90 jurisdictions and a large number of International Organizations,
discussed how to advance the fight against tax evasion, and how to enhance cooperation
to this end.
Jersey was invited to attend the forum, and two Island participants joined
delegates from around the world.
Jersey's Director of International
Tax, Wendy Martin, and the Advisor for International Affairs, Colin Powell,
attended meetings and participated in discussion groups, agreeing on how to take
forward international tax policy and administration. They have also been working
to extend Jersey's ongoing programme of Tax Information Exchange Agreements, the jurisdiction's authorities revealed.
After the meeting, the OECD announced it would expand membership of the Forum,
speed up the process of negotiating information exchange agreements and provide
technical help for smaller jurisdictions to implement the required standards.
Chief Minister Senator Terry le Sueur announced that:
“This is good news for the
island. Jersey firmly supports the OECD drive to achieve a level playing field
in tax cooperation, including an end to the bank secrecy laws that exist in
other jurisdictions."
“We are delighted that the international community is working to achieve
a common global standard of tax transparency. We have been in the vanguard of
the movement towards greater transparency that is now gathering pace around
the world and it is excellent news for Jersey that our initiatives are now being
replicated elsewhere.”
Bermuda, and offshore as a whole, also received a boost at the forum with Deputy
Premier Paula Cox’s election to Vice Chair of the OECD Global Forum’s
Steering Group, sharing the position with Germany and China, with Australia
elected as Chair.
Cox welcomed the appointment, stating, according to Business Wire, that:
“Bermuda is honoured to share responsibility for advancing international
cooperation in tax information exchange. We take the responsibility very seriously
to represent all members of the Global Forum in achieving a global level-playing
field based on fairness and transparency."
LAWANDTAX-NEWS.COM
