Jersey and Japan signed a tax information exchange agreement (TIEA) at the Japanese Embassy in London today (2 December 2011). The agreement was signed by Chief Minister, Senator Ian Gorst, and the Japanese Ambassador, His Excellency Mr Keiichi Hayashi.

Senator Gorst said: “The signing of this agreement is of great importance. It will help to further strengthen existing business relationships and enhance those relationships to the benefit of both Jersey and Japan.

“Jersey and Japan, as two of the four Vice-Chairs of the Peer Review Group of the Global Forum on Transparency and Information Exchange for Tax Purposes, are joined together in their commitment to the furthering of compliance with the global standards.

“Jersey attaches great importance to establishing a good relationship with the G20 and has now signed tax agreements with 14 of the 19 G20 countries, and has completed negotiations with a further three. This relationship builds upon the independent assessments of Jersey by the International Monetary Fund, the Financial Stability Board and the OECD Global Forum, all of which have confirmed Jersey’s high level of compliance with international standards for anti-money laundering, financial regulation and tax transparency/information exchange.”

The tax information exchange and other provisions in the agreement will come into force once the parties have completed their respective domestic procedures.

For further information, contact Colin Powell, Adviser – International Affairs, Chief Minister’s Department (tel: 01534 440414 or 07797 750734; e-mail: c.powell@gov.je).