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TIEA signed today with Seven Nordic Countries

30 October 2008

Today in Helsinki Jersey’s Chief Minister, Senator Frank Walker, signed Tax Information Exchange and related agreements with Ministers from seven Nordic countries – Denmark, the Faroes, Finland, Greenland, Iceland, Norway and Sweden.

At the signing ceremony Senator Walker said “Through the signing of TIEAs Jersey obtains both economic and political benefits. Our commitment to the OECD standards of tax information exchange was publicly recognised at a conference held in Paris last week, and we are pleased to see the firm action that is to be taken to put greater pressure on those countries, including some OECD members, who have not yet shared Jersey’s commitment.”

Jeffrey Owens, the Head of the OECD Centre for Tax Policy and Administration, said at the signing ceremony, “We at the OECD recognise the importance of the progress Jersey has made in signing TIEAs, and in receiving clear political endorsement from OECD member countries. To show that the choice Jersey has made is the right one, we recognise the need for firm action to be taken with regard to those jurisdictions that are not showing the same commitment to tax information exchange. “

The tax information exchange agreements are accompanied by political commitments by the Nordic countries to continue discussing what measures can be adopted to further enhance and broaden the political and economic relationships between Jersey and the Nordic countries. This includes the further clarification of elements of double taxation, discrimination and other undesired tax barriers and the further extension of the arrangements for information exchange.

In the political declaration Jersey’s participation in international efforts to combat money laundering, terrorist financing, financial and other crimes including fiscal crime is also recognised.

The TIEA is the same as the previous ones signed by Jersey, in providing for the exchange of information only on request, which request has to be formulated in writing with the greatest detail possible.

The tax information exchange agreements will come into force once the Jersey and Nordic countries domestic procedures are completed. In the case of Jersey these procedures include the ratification of the agreement by the States of Jersey and the adoption of the necessary Regulations.

Notes for Editors

(1) For more information please contact Colin Powell, Adviser – International Affairs - on 07797 750 734

(2) In addition to the tax information exchange agreement, the following agreements were also entered into –

• An agreement for the avoidance of double taxation of individuals in respect of income from employment, payments received by students for maintenance, education and training;
• An agreement for the avoidance of double taxation in respect of enterprises operating ships or aircraft in international traffic;
• An agreement on the access to mutual agreement procedures in connection with the adjustment of profits of associated enterprises.

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