Stakeholders (including businesses, industry associations, practitioners and any other interested parties) are invited to comment on the implementation of MDR. Jersey has committed to introducing legislation in this area by the end of 2019. The consultation is designed to seek feedback on the proposed implementation process outline and the potential impacts for industry in Jersey to:
- inform Revenue Jersey of the potential impact of the proposals for implementation;
- identify areas where industry may need support; and
- inform the drafting of regulations and guidance.
The consultation recognises that there are currently two models of MDR, that adopted by the European Union under DAC6, and the OECD’s Model Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures (the Model Rules).
The Government of Jersey’s preference is to is to implement MDR based on the Model Rules. These are designed to help prevent the creation of arrangements that circumvent the Common Reporting Standards. The disclosure rules would apply to anyone involved in the creation or promotion of these arrangements. This would include intermediaries such as lawyers and tax advisors.
The deadline for feedback on the consultation is 1 November 2019. Please click here for a link to the Consultation Paper.
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