About Jersey Finance
Tuesday 13 Nov 2018
Jersey Finance Unveils Research Highlighting Challenges of Wealth Transition at New Dubai Office Launch
Latest CEO Blog Post
Friday 2 Nov 2018
The Good Debt
Latest Member News
Thursday 8 Nov 2018
PraxisIFM launches dedicated Funds division in Jersey
This area of the website is restricted for Members only, if you are associated with an existing member firm please click the appropriate link below
Login Create an Account
Tuesday 5 December 2017
The EU has cleared Jersey from inclusion in its register of “blacklisted” jurisdictions.
The EU Code of Conduct Group on Business Taxation (‘the Code Group’) has determined that Jersey is a cooperative tax jurisdiction, and will work with the Island throughout 2018 to ensure that this position is maintained.
This assessment, which was approved by EU Finance Ministers at the meeting of the Economic and Financial Affairs Council (ECOFIN) in Brussels this morning, follows an intensive year-long screening process by the Code Group.
The Chief Minister, Senator Ian Gorst, said: “This outcome reflects the Island’s commitment to the highest standards of tax transparency and information exchange. We cooperated fully with the Code Group throughout the screening process, and have actively pursued a good neighbour policy in our relations with the EU. These positive interactions have borne fruit.
“I have every confidence that the Island will continue to be an international financial services centre of choice, working as a partner with the EU and other global organisations to meet the highest regulatory standards.”
In order to secure its continued status as a cooperative jurisdiction, Jersey has made a written commitment to address concerns identified by the Code of Conduct Group, by the end of next year. These concerns specifically relate to a perceived lack of legal substance requirements that could lead to profits being registered in Jersey that do not demonstrate real economic activity.
The Chief Minister confirmed: “I am pleased that Jersey has been rightly acknowledged for its cooperation in international tax transparency and compliance with BEPS requirements. We have committed to working with the Code Group on their concerns over economic substance and they have fully accepted that commitment. I look forward to entering into substantive dialogue in the New Year.
“Our discussions may include creating enhanced reporting obligations or changes to our legislation on economic substance. We have already begun the necessary preparations, having regard to the Code Group requirements and Jersey’s best interests. I am committed to ensuring that, working with the finance industry, this process will be completed by the end of 2018.”
In 2017 Jersey was also assessed by the Peer Review Group of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes. The final assessment rated Jersey fully compliant in all ten of the areas reviewed.
The final list of cooperative and non-cooperative jurisdictions can be found here.
Email the author: email@example.com
Download PDF Copy Article HTML to Clipboard
Published: Tuesday 5 December 2017
Author: States of Jersey
Original Article: https://www.jerseyfinance.je/news/eu-confirms-jersey-s-status-as-a-cooperative-jurisdiction
Scan to view online
Jersey Finance Limited, 4th Floor, Sir Walter Raleigh House, 48-50 Esplanade, Jersey JE2 3QB, Channel Islands T: +44 (0)1534 836000, F: +44 (0)1534 836001, E: firstname.lastname@example.org, W: www.jerseyfinance.je
Jersey Finance Limited
4th Floor, Sir Walter Raleigh House,
Jersey JE2 3QB
Tel: +44 (0)1534 836000 Fax: +44 (0)1534 836001 Email: email@example.com
Jersey Finance Limited
4th Floor, 2 Queen Anne's Gate Building
Tel: +44 (0)7908 274694 Email: firstname.lastname@example.org
Jersey Finance Limited
Room 5, 20th Floor, Central Tower
28 Queen’s Road Central
Central, Hong Kong
Tel: +852 2159 9652 Fax: +852 2159 9688 Email: email@example.com
Unit 1708, Garden Square
968 Beijing Road W
Tel: +86 21 3100 7900 Ext.226 Fax: +86 21 6229 0001 Email: firstname.lastname@example.org
Level 41, Emirates Towers,
PO BOX 31303
Tel: 043199923 Fax: 043197474
Jersey Finance Limited, (Sannam S4)
3rd Floor, Devika Tower
6, Nehru Place
New Delhi - 110019
Tel: +91 (0)1130446777 Fax: +91 (0) 11 4212 4199 Email: email@example.com
Jersey Finance Limited,
9SE, 9th Floor
The Ruby, 29
Senapati Bapat Marg
Tel: +91 (0)22 671 61031 Fax: +91 (0)22 6742 3214 Email: firstname.lastname@example.org