Responding to the announcement from the Government of Jersey that the Island is one of a majority of OECD Inclusive Framework member jurisdictions to have joined the OECD’s Statement on a new global tax framework, Joe Moynihan, Chief Executive Officer, Jersey Finance, commented:

“We note and welcome the fact that Jersey is one of 130 OECD members to have agreed to the OECD statement announced yesterday, which is a further positive step to agreeing new rules for the taxation of the world’s largest multi-national companies.

It is encouraging that Jersey’s government has been able to participate fully in discussions about the future of global taxation through its membership of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS) and helpful that it continues to have a seat at the table and play an active part as negotiations continue.

The proposals also recognise that funds should not be in scope of Pillar 2 and there is an exclusion for regulated financial services from Pillar 1.

We will continue to engage with government and the key global organisations as these proposals progress and we will be stressing that our prime concern remains that any reforms are applicable to everyone, balancing the interests of smaller jurisdictions such as Jersey as well as larger ones.

Jersey’s finance industry has always been ready to evolve to meet new international norms and changing regulatory standards and it has done so effectively in the past. If agreement is reached on a new global tax framework, we are well placed to adapt again, enabling us to continue to offer the stable, well-regulated and innovative commercial environment that attracts both cross border investment and international investors, the driver of our Industry’s success for decades.”