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| Jersey Welcomes Planned TIEA With South Africa |
by Robert Lee, Tax-News.com, London
Thursday, August 12, 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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