Jersey Finance has welcomed the findings of the Global Forum on Transparency and Exchange of Information for Tax Purposes which assessed how well Jersey had responded to the international standards on tax information exchange.
Jersey was described by the Peer Review Group as having ‘practices which to date have demonstrated a responsive and co-operative approach.’ It further indicated that the speed with which Jersey responded to requests was in marked contrast to the time taken by many other countries.
To date Jersey has responded to 84 requests for exchanging information – 36 at the time of the review – and the Forum described Jersey’s response as being ‘effective and expeditious to date.’
Geoff Cook, chief executive, Jersey Finance Limited, commented:
‘So often we hear detractors make misleading claims that Jersey is secretive and unco-operative and yet the truth based on hard evidence is very different. An independent, specially formed global body set up by the OECD countries, which is able to delve closely into our procedures and ask probing questions of our officials, shows clearly that Jersey is responsive and co-operative.’
Jersey met the Group’s standards in six of the nine areas under review and the Government has announced that changes are being made to ensure the Island is fully compliant. However the assessors also noted that where there are gaps in the process, it has not prevented Jersey from engaging in effective information exchange.
All members of the Global Forum are being reviewed in this way and Jersey was one of only two non OECD jurisdictions to volunteer for the assessment process.
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