Good report for Jersey on sharing of tax information

Friday 28th October 2011, 3:00PM BST.

Jersey Finance chief executive Geoff Cook

JERSEY has come out well in an assessment of how the Island responds to requests for exchange of tax information with overseas authorities.

And Jersey Finance says that the result would help to answer critics who contend that the Island is a secretive and unco-operative jurisdiction.

The Global Forum on transparency and exchange of information for tax purposes said that Jersey complied with six of the nine areas under review.

The forum’s peer group is responsible for monitoring and reviewing the implementation of the international standards.

It conducted a two-phase review of the Island’s legal and regulatory framework, and where there were gaps in the framework, the assessors said that did not prevent Jersey from engaging in effective information exchange.

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1
green street

October 28, 2011 at 3:54 pm

And yet that lawyer at Mournats was recently quoted as saying that it is easy to set up ownership structures to frustrate the aim of these agreements and hide the identity of the beneficial owners. He then went on to say that this was being done by a number of trust companies in Jersey. Fundamentally contradicts the line in this article.

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2
the truth

October 31, 2011 at 2:41 pm

#1. Absolute nonsense. He said no such thing – were you there or have you simply slavishly read the mis-reporting of the relevant seminar event by the usual critics? He simply explained the way in which tax information exchange agreements, as currently drafted, do not permit fishing expeditions by foreign revenue authorities. Spin on.

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