Agreement for the Exchange of Information Relating to Tax Matters between the Netherlands and the States of Jersey.

Information about the publication of Ministerial Decisions

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A decision made (11/12/2007) regarding: Agreement for the Exchange of Information Relating to Tax Matters between the Netherlands and the States of Jersey.

Decision Reference: MD-C-2007-0066
Decision Summary Title :	Agreement for the Exchange of Information Relating to Tax Matters between the Netherlands and the States of Jersey		Date of Decision Summary:	7th December 2007
Decision Summary Author:	Julian Morris Policy and Research Manager		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	-
Written Report Title :	Ratification of the Agreement for the Exchange of Information Relating to Tax Matters between the Netherlands and the States of Jersey Draft Taxation (Exchange of Information with Third Countries) (Jersey) Regulations 200-		Date of Written Report:	29th November 2007
Written Report Author:	International Affairs		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Agreement for the Exchange of Information Relating to Tax Matters between the Netherlands and the States of Jersey
Decision(s): The Chief Minister, acting on the recommendation of the Council of Ministers, agreed to lodge ‘au Greffe’ a report and proposition seeking ratification of the Agreement for the Exchange of Information Relating to Tax Matters between the Netherlands and the States of Jersey. In order that the above agreement might be brought into effect, the Chief Minister also agreed to lodge the corresponding Draft Taxation (Exchange of Information with Third Countries) (Jersey) Regulations 200-.
Reason(s) for Decision: Negotiations with the Kingdom of the Netherlands have produced agreement on the following – 1. a Tax Information Exchange Agreement which is consistent with that signed with the United States of America in 2002 and ratified by the States; 2. an agreement on access to mutual agreement procedures in connection with the adjustment of profits for associated enterprises and the application of the Netherlands participation exemption; 3. a memorandum of understanding in which the Netherlands – have recognised Jersey’s commitment to comply with international standards on money laundering, terrorist financing and financial regulation; have recognised Jersey’s commitment to a policy of improving cooperation; have agreed that six month’s after the entry into force of the agreement negotiations will continue on further measures needed to alleviate undesired tax barriers and other obstacles of a discriminatory nature that may be included in the domestic tax legislation of the parties. In due course it is the intention to integrate the results achieved into a double taxation agreement. The regulations bringing the tax information exchange agreement into effect, which are the subject of a separate proposition are made in pursuance of Article 2(1) of the Taxation (Implementation) (Jersey) Law 2004 which provides that “the States may by regulations make such provision as appears to them to be necessary or expedient for the purposes of – implementing an approved agreement or approved obligation ….” The prior ratification by the States of the agreement with the Kingdom of the Netherlands is required to satisfy the above provision regarding the implementation of “an approved agreement or approved obligation” and for the Regulations to be made. The Regulations as drafted provide for the bringing into force of any agreement for the exchange of information on tax matters to be entered into with a Third Country which is defined as a country or territory that is listed in the schedule. With the making of the Regulations the listing of the Kingdom of the Netherlands in the first column of the schedule will enable the States to fulfil its obligations to the Kingdom of the Netherlands (so far as legislation is necessary for that purpose) under an agreement for the exchange of information relating to tax matters entered into on 20 June 2007.
Resource Implications: There are no financial or manpower implications.
Action required: Request the Greffier of the States to lodge ‘au Greffe’ the Agreement for the Exchange of Information Relating to Tax Matters between the Netherlands and the States of Jersey, and also the Draft Taxation (Exchange of Information with Third Countries) (Jersey) Regulations 200-for consideration by the States in January 2008.
Signature:		Position: Chief Minister
Date Signed:		Date of Decision (If different from Date Signed):