EU countries to stop exchanging information
From 1 January 2016, most EU countries stopped exchanging information under EUSD.
Jersey has notified those countries that our EUSD agreements with them have been suspended, in preparation for the agreements to be terminated from 1 January 2017. Austria is the only exception.
What you need to do as a paying agent
An order has been signed by the Minister for External Relations, which tells Jersey paying agents what they need to do about the suspension of the agreements, and their eventual termination.
The order says Jersey paying agents must continue to report 2015 information as usual. The deadline for reporting the information is 31 March 2016.
Paying agents don’t have to report on accounts held in 2016, as these will be reported under the Common Reporting Standard instead.
Austria and EUSD
Austria is continuing to apply EUSD in 2016.
We hope to agree with the Austrian authorities to suspend our EUSD agreement, so that paying agents don’t need to report just for Austria on accounts held in 2016.
We will tell paying agents as soon as an agreement is reached.
You can find more detailed information in the briefing note.
Download explanatory note on the Taxation (Agreements with European Members States) (Suspension of Regulations) (Jersey) Order 2016 (size 312kb)
Taxation (Agreements with European Union Member States) (Suspension of Regulations) (Jersey) Order 2016 on the Jersey Law website