Jersey’s Deputy Chief Minister has today signed a Tax Information Exchange Agreement with Australia, as part of the Island’s ongoing commitment that began with Jersey’s first TIEA signed with the USA in 2002.
Senator Philip Ozouf signed the Tax Information Exchange Agreement with the Australian High Commissioner to the United Kingdom, Mr John Dauth LVO, at the Australian High Commission in London. Senator Ozouf says: “In a joint declaration, Australia has welcomed Jersey as a member of the community of nations committed to international cooperation and information exchange on tax matters and has affirmed that Jersey will be treated accordingly by the Australian authorities.”
"This Agreement is further evidence of our willingness to support the G20 and other international initiatives which includes our willing compliance with international standards of financial regulation, anti-money laundering and combating the financing of terrorism.”
“In a letter to the British Prime Minister, following the G20 Summit in London in April, I stated that Jersey intended to reinforce its position on the OECD “white list” of countries that have substantially implemented the internationally agreed tax standard by the signing of more TIEAs. The agreement signed with Australia is an important contribution to this ongoing process.”
With the signing of the TIEA with Australia, Jersey will have signed 14 TIEAs, 12 of which are with OECD Member States. Jersey is close to signing TIEAs with Italy and New Zealand, with whom negotiations have been completed. Jersey is working to complete the negotiation of TIEAs with Canada and Spain, and has also extended an invitation to enter into TIEA negotiations to both the G20 countries that are not OECD members and to the remaining OECD member countries.
Notes to Editors
For more information please contact Colin Powell, Adviser – International Affairs, on 44(0) 1534 440414 or 07797 750734; or Senator Philip Ozouf on 07797 713838.
The TIEA with Australia will come into force when both parties have completed their domestic procedures.
In addition to the TIEA, Australia and Jersey have signed an agreement for the allocation of taxing rights with respect to certain income of individuals and to establish a mutual agreement procedure in respect of transfer pricing adjustments whereby Australia and Jersey have agreed to introduce measures that will encourage the free movement of individuals and trade between the two countries.
Following the entry into force of the agreements, Australia and Jersey will continue to examine what measures could be adopted to further enhance their political and economic relationship, including further clarification of elements of double taxation, discrimination and other undesired tax barriers.
Jersey has already signed tax information exchange agreements with the USA (2002), the Netherlands (2007), the 7 Nordic countries (Denmark, the Faroes, Finland, Greenland, Iceland, Norway and Sweden – in 2008), Germany (2008), Ireland (2009), France (2009) and the UK (2009).