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| Jersey Effectively Implementing Tax Information Exchange |
by Jason Gorringe, Tax-News.com, London
Thursday, October 27, 2011
Jersey Finance has welcomed the findings of the Global Forum on Transparency and
Exchange of Information for Tax Purposes which assessed how well Jersey had responded
to the international standards on tax information exchange.
Jersey was described by the Peer Review Group as having "practices which
to date have demonstrated a responsive and co-operative approach." It further
indicated that the speed with which Jersey responded to requests was in marked
contrast to the time taken by many other territories.
To date Jersey has responded to 84 requests for information exchange –
36 at the time of the review – and the Forum described Jersey’s
response to requests as being "effective and expeditious to date."
Geoff Cook, the Chief Executive of Jersey Finance Limited, the promotional
agency for the island's financial services industry, commented: "So often
we hear detractors make misleading claims that Jersey is secretive and unco-operative
and yet the truth based on hard evidence is very different. An independent,
specially-formed global body set up by Organisation for Economic and Cooperation
Development members, which is able to delve closely into our procedures and
ask probing questions of our officials, shows clearly that Jersey is responsive
and co-operative."
Jersey met the Group’s standards in six of the nine areas under review
and the government has announced that changes are being made to ensure the island
is fully compliant. While areas for improvement were recommended, Jersey noted
that where assessors had noted gaps in Jersey's framework, they were not in
areas that prevented Jersey from engaging in effective information exchange.
All members of the Global Forum are being reviewed in this way and Jersey was
one of only two non-OECD jurisdictions to volunteer for the assessment process.
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report2.asp
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