The latest peer review from the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes gives its latest assessment of Jersey's response to exchange of information.
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.
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. 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.’
Commenting on the findings Geoff Cook, chief executive, Jersey Finance Limited, said the findings continue to prove that Jersey does not hide behind a veil of secrecy, as is often claimed. "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.
"Jersey has shown a willingness to develop its laws and procedures to reflect best practices appropriate to its circumstances and has accepted the need to review its domestic laws to ensure the removal of any provisions which may affect its ability to meet the requirements of the standard.
"To date these provisions have not had the effect of hampering Jersey's ability to access information for EOI requests, nevertheless this observation is made in the context of Jersey's limited experience in exercising the powers. Jersey is in the process of amending the access powers legislation in a manner that will take into account the issues identified in this report," noted the report.
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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