Tax Information Exchange Agreement to be signed with Canada

James Qualtrough | January 10, 2011 | 0 Comments

Mr James R. Wright, the Canadian High Commissioner to the United Kingdom, will be visiting the Island on Wednesday 12th January to join the Chief Minister, Senator Le Sueur, in signing a Tax Information Exchange Agreement between Canada and Jersey.

Senator Le Sueur said, “The signing of the Agreement is an important step in the development of a political and economic relationship with Canada, a country with which Jersey has historically had close ties and which is seen as a future source of business opportunities for the Island.”

Mr Wright also commented that: “Canada has strong links with Jersey and Canadian businesses have a real presence on the Island – particularly in financial services, where our companies have contributed to the local economy for nearly half a century. We welcome the signing of a Tax Information Exchange Agreement which will allow us to share tax information and will ensure international standards of financial regulation are met.”

Canada is a member of the G20 and Jersey attaches particular importance to entering into agreements on tax information exchange with all of the G20 countries. Jersey has now signed agreements with nine G20 countries, and has initialled or completed negotiations with a further seven.

The Agreement will come into force once the two governments have completed their respective domestic procedures. It is the same as those previously signed by Jersey with other countries, and provides for the exchange of information on request, which request has to be formulated in accordance with the terms of the Agreement.