29 October 2010
Jersey’s Chief Minister, Senator Terry Le Sueur, has signed a Tax Information Exchange Agreement (TIEA) with Commissioner (Minister), XIAO Jie, of the People's Republic of China today (29 October 2010).
17 TIEAS have now been signed with a range of jurisdictions but this is the first to be signed in Jersey.
Senator Le Sueur said "The fact Commissioner XIAO Jie has come to the Island with five officials is a clear indication of the importance they attach to this agreement. It’s a very significant step down the road of an ever strengthening political and business relationship from which we believe both Jersey and the People's Republic of China can benefit.
“China is a very important source of business and a beacon of economic success in a world economy that is still feeling the effects of the global financial crisis. Through the financial services that we offer, Jersey can be a valuable facilitator for China's growing engagement in international investment."
The TIEA will come into force once both governments have completed their respective domestic procedures for the ratification of the agreement.
The TIEA is the same as those previously signed by Jersey with other countries, and provides for the exchange of information on request, which request has to be formulated in writing in accordance with the terms of the agreement.