Jersey Finance comments on the OECD new single global standard on automatic exchange of information

Following today’s unveiling by the OECD of a new single global standard for the automatic exchange of information between tax authorities worldwide, Chief Executive of Jersey Finance, Geoff Cook commented: 

“Tax evasion is a global problem and requires a global solution. Creating a single international standard that seeks to deal with the inadequacies of the current tax system and clamps down on harmful and abusive activity is something that we in Jersey fully endorse.  

“Jersey has supported the G5 pilot since it was announced and was one of over 30 countries to commit to early adoption of the Common Reporting Standard once published.  We have already completed automatic tax exchange agreements with the US and with the UK, committed to join the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters and completed 34 TIEAs and 8 DTAs.  The introduction of the CAA and the CRS will further promote the level playing field in the area of tax information exchange and add to the ways in which Jersey can further its co-operation with other tax authorities. 

“These reforms are a platform for mobilising money transparently and allowing greater global investment, which we strongly welcome”.