Jersey Adds A TIEA

By ExpatBriefing.com Editorial 30 December, 2013

In October, Jersey signed a TIEA with Switzerland, and with the Slovenia TIEA now has 33 such agreements.

In principle, DTAs and TIEAs are equivalent instruments for concluding an administrative assistance clause in accordance with the international standard. Unlike DTAs, which are aimed primarily at avoiding double taxation and therefore contain other material provisions, TIEAs merely govern the exchange of information upon request.

Geoff Cook, Chief Executive of Jersey Finance, said about the Swiss agreement: "This latest agreement with Switzerland enhances our relationship with another major IFC, with whom Jersey already has a good and strong business relationship, particularly in the areas of wealth management and banking."

"With 32 such agreements now signed and a further dozen either initialed or where negotiations are well under way, Jersey continues to make great strides in extending its network of tax information exchange agreements and playing a key role in the global drive towards greater transparency and cooperation in tax matters."

One of the Vice Chairs of the OECD's Peer Review Group, Jersey has also recently given its full support to the G20 Action Plan, and agreed to join the Multilateral Convention on Mutual Administrative Assistance on Tax Matters, the European Union (EU) G5 project on automatic exchange of information based on the Foreign Account Tax Compliance Act (FATCA), and to automatic exchange of information under the EU Savings Directive.

Tags: Tax | Slovenia | Law | Jersey | Agreements | Switzerland | G20 | Compliance | Expats | Europe |

 





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