Jersey Receives 'Fully Compliant’ Rating From OECD in Tax Transparency
Friday 17 November 15:19
Jersey has been given the highest possible rating by the international body responsible for assessing jurisdictions’ compliance with global standards on tax transparency and information exchange.
A report published today by the OECD’s Global Forum on Transparency and Exchange of Information on Tax Matters (the Global Forum) has rated Jersey fully compliant in all ten of the areas reviewed. This places the Island in the top band of countries who have completed both phases of the OECD review process, and represents a higher rating than that achieved by several major G20 economies.
Jersey was last reviewed in 2014, when it was found to be “largely compliant“. The island has improved its ratings in four areas focusing on the way in which it deals with requests for tax information from other jurisdictions, to give it a “fully compliant” rating all round.
The Review process involved a detailed examination of the legislation and procedures in place in Jersey concerning tax transparency and beneficial ownership information, and a full on-site evaluation by an assessment team including peer members of the Global Forum in February 2017. The assessment process required input from Government Departments, the Law Officers’ Department, the Jersey Financial Services Commission and meetings between the assessment team and the financial services industry in Jersey.
The Chief Minister, Senator Ian Gorst, said: “I welcome the OECD’s Global Forum’s recognition that Jersey is fully committed to the highest standards of tax transparency and cooperation with international standards.
At a time when transparency is more important than ever, Jersey continues to demonstrate its steadfast commitment to international cooperation.”
Senator Alan Maclean, Minister for Treasury and Resources, said: “This rating reflects the hard work done across all levels of government and regulators to ensure that Jersey has not just signed up to international standards, but has put them into practice in every area.”
States of Jersey Press Release.