Jersey signs tax information exchange agreement with Spain

01-12-2015

On 17 November 2015 Jersey and Spain signed a tax information exchange agreement (TIEA) at the Spanish Embassy in London.

The agreement will promote international co-operation in tax matters by imposing on Jersey and Spain a mutual and reciprocal obligation to exchange information about enforcement of their respective tax laws.

Although Jersey is not part of the European Union, the signing of the agreement will fortify Jersey’s relationship with Spain and reinforce the rapport that Jersey has with its fellow European neighbours.

Both Jersey and Spain are members of the Early Adopters Group for the implementation of the new global standard on automatic exchange of information as well as both being party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

Jersey has been exchanging information with other countries by means of TIEAs since 2007, all of which are based on the Organisation for Economic Co-operation and Development (OECD) model, ensuring that Jersey is in line with the international standard. Jersey is now able to send and receive tax information with over thirty countries and this number will continue to grow.

The signing of these TIEAs, along with Jersey’s own legislation on compliance with the Financial Action Task Force on Money Laundering recommendations, is further evidence that Jersey is a jurisdiction which fully complies with current international standards of transparency, is open about its taxation regimes and co-operates in the fight again fiscal crime.  Moreover, the implementation of TIEAs enhances Jersey’s stature as a responsible financial centre, with a sound regulation of its finance industry and a government that supports international business.

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