Jersey in strong position ahead of EU screening exercise

Tuesday 14 February 11:35

The Government of Jersey will be setting out the compelling arguments for the Island to achieve ‘cooperative’ status as part of the comprehensive screening exercise being undertaken by the EU Code of Conduct Group on Business Taxation.

Confirming that Jersey was in receipt of a letter from the Chair of the Code Group, the Chief Minister, Senator Ian Gorst, said “The Island has a positive story to tell on all matters of compliance with international standards of tax transparency and information exchange, and we are confident of being able to satisfy the EU’s good governance criteria.”

Jersey is one of over ninety jurisdictions that have recently been written to by the Chair of the Group. The selection of these jurisdictions is largely based on the ‘scoreboard’, published by the European Commission in September, of jurisdictions that are economically relevant for the EU. The Code Group will be undertaking initial analysis of information in the public domain, including reports of the Global Forum on Transparency and Exchange of Information for Tax Purposes, and the OECD Inclusive Framework for Tackling Base Erosion and Profit Shifting.

Analysis of these reports will show that Jersey is already rated as ‘largely compliant’ by the Global Forum in respect of its international standards, a rating that matches that of Germany, the UK and the USA. The Island is also a member of the ‘early adopters group’ committed to the early adoption of the Common Reporting Standard on automatic exchange of information (AEOI) which was produced by the OECD at the request of the G20 and which will have global application.

Jersey’s tax regime has already been assessed by the EU Code Group (in 2011) and was found to be ‘Code compliant’ – a recommendation that was approved by the Council of Ministers of the European Union in December 2011.

The Island has pursued a good neighbour policy in its relations with the EU and even though not bound to do so engaged voluntarily with the Code Group, and also with the EU on the taxation of savings income.

The Chief Minister commented that “Jersey has, time and again, demonstrated why it is respected as a cooperative international financial centre, that our industry regulation and governance are among the world’s leaders, and that we are prepared to engage fully with external bodies to ensure transparency and tax information exchange.

I look forward to further, constructive, engagement with the Code Group following their initial analysis and being able to demonstrate why the Island is fully deserving of cooperative status.”

Events

  • Litigating Trust Disputes in Jersey - Baker & Partners Book Launch Baker & Partners are hosting a breakfast briefing this Thursday at the Royal Yacht Hotel, from 8:00am-9:30am.

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  • WDF Jersey - International Women's Day - Be Bold for Change Dr Tessa Hartmann CBE Women's Development Forum Channel Islands Tuesday, 7 March 2017 from 12:00 to 14:00 (GMT)

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  • AJA CPD - IN THE FRAME: PAD STUDIO

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  • Master’s Open Evening at JIBS University Centre Financial services professionals are invited to attend a Master’s Open Evening at Jersey International Business School on 28 February to find out more about the MSc International Financial Services programme.

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  • Digital Hub - Setting Up A Business – The Legal Obstacles Advocate Andrew Pinel will be coming to speak to Hub Members about the legal obstacles that are often encountered when setting up a business in Jersey. March 22 @ 12:45 pm - 1:40 pm

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  • Digital Hub - How to get online payments for your digital business Setting up an online business and need a payment provider? Nowadays it’s essential for any business online looking to sell products and services. But, have you thought about what you need to do to secure one?

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  • Digital Hub - Data Protection and the GDPR Essentials for technology businesses Feb 28th 8am to 9am

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  • Coppolo and Coyde - Scaffold Inspection (Basic) Dates: Monday 26th September 2017 Fee: £165.00+ GST per delegate Venue: Ommaroo Hotel, Havre des Pas, Jersey

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  • Coppolo & Coyde - Scaffold Inspection (Basic) Dates: Monday 25th September 2017 Fee: £165.00+ GST per delegate Venue: Ommaroo Hotel, Havre des Pas, Jersey

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  • Coppolo and Coyde - Scaffold Inspection (Basic) Dates: Monday 25th April 2017 Fee: £165.00+ GST per delegate Venue: Ommaroo Hotel, Havre des Pas, Jersey

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