Jersey in joint statement on Global Standard

| March 24, 2014 | 0 Comments

The 44 jurisdictions who are members of an Early Adopters Group, which includes Jersey, have issued a joint statement on the implementation of a Global Standard for automatic exchange of information.

In the statement, the jurisdictions have given their joint political commitment to a common timetable for adoption of a Common Reporting Standard.

The joint statement says: “Tax evasion is a global problem and requires a global solution. We therefore welcome the new standard in automatic exchange of information between tax authorities developed by the OECD (the Common Reporting Standard). This will provide a step change in our ability to clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes.

“We committed ourselves to early adoption of the Common Reporting Standard, through joining the initiative first launched by France, Germany, Italy, Spain and the UK in April 2013. In doing so we recognised that only those financial centres which adopt the highest standards in tax transparency and work in close cooperation to tackle cross-border tax evasion will prosper in the future.”

“We invite other countries and jurisdictions to join us in this early adoption initiative and to create rapidly a truly global system of automatic information exchange which leaves no hiding places for tax evasion.”

Chief Minister, Senator Ian Gorst, said: “Jersey fully supports the global initiative which will safeguard our competitive position. We will ensure that we continue to be seen as a leading finance centre joining in the fight against tax evasion.”

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