09 July 2010
Jersey's Chief Minister signed a Tax Information Exchange Agreement (TIEA) with the Portuguese Secretary of State for Tax Affairs, Sergio Vasques, at the Portuguese Embassy in London today (9 July 2010).
Senator Le Sueur said “This is the latest in an ongoing programme of signing TIEAs or Double Tax Agreements (DTAs) with all OECD and G20 member countries.
"We are committed to complying with international standards and as one of the 4 vice-chairs of the Peer Review Group of the Global Forum on Transparency and Information Exchange for Tax Matters, we intend to continue to lead by example."
“We have a long-standing, close relationship with Portugal because of the significant number of Portuguese nationals who have come here to work and settled in Jersey.
"When the TIEA comes into force, the Portuguese authorities have agreed to start negotiations on an agreement to avoid double taxation for certain income of individuals, like employment income and pensions.”
The TIEA will come into force once Jersey and the Portuguese governments have completed their domestic procedures. In Jersey this means the ratification of the agreement by the States of Jersey and the adoption of the necessary regulations.
The TIEA is the same as those previously signed by Jersey with other countries, and provides for the exchange of information on request. Any request has to be in writing, in accordance with the terms of the agreement.