Agreements for the Exchange of Information relating to Tax Matters between the Nordic countries and the States of Jersey.

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A decision made (06/02/2008) regarding: Agreements for the Exchange of Information relating to Tax Matters between the Nordic countries and the States of Jersey.

Decision Reference: MD-C-2009-0016
Decision Summary Title :	Agreements for the Exchange of Information relating to Tax Matters between the Nordic countries and the States of Jersey		Date of Decision Summary:	2nd February 2009
Decision Summary Author:	Kate Power Policy and Research Officer		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	n/a
Written Report Title :	Ratification of the Agreements for the Exchange of Information Relating to Tax Matters Between The States of Jersey and the Nordic Countries (Denmark, The Faroes, Finland, Greenland, Iceland, Norway and Sweden)		Date of Written Report:	2nd February 2009
Written Report Author:	Colin Powell Adviser-International Affairs		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Agreements for the Exchange of Information relating to Tax Matters between the Nordic countries and the States of Jersey
Decision(s): The Chief Minister, acting on the recommendation of the Council of Ministers, agreed to lodge 'au Greffe' the report and proposition inviting the States to ratify the Agreements for the Exchange of Information Relating to Tax Matters between the Nordic Countries (Denmark, The Faroes, Finland, Greenland, Iceland, Norway and Sweden) and the States of Jersey and also to lodge the associated Draft Taxation (Exchange of Information with Third Countries) (Amendment) (Jersey) Regulations 200-.
Reason(s) for Decision: 1. The negotiations with the Nordic countries produced for each country agreement on the following, attached as an Appendix: a tax information exchange agreement which is consistent with the agreements signed previously with other countries such as the United States of America in 2002, the Kingdom of the Netherlands in 2007 and the Federal Republic of Germany in 2008. The agreement provides for the exchange of information on tax matters on request, however that request has to be formulated in writing with the greatest detail possible. There can be no “fishing expedition”. The agreements only come into force once the States have ratified them and have approved the necessary Regulations, and the other countries concerned have completed their own domestic procedures; 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; a political declaration which – recognises Jersey’s commitment to comply with international standards and to participate in international efforts to combat money laundering, terrorist financing, financial and other crimes including fiscal crime; welcomes Jersey as a member of the community of nations committed to international cooperation and full and effective information exchange on tax matters, and wishes to assure the government of Jersey that Jersey will be fully and equally treated as such; provides for a continued dialogue to examine what measures could be adopted to further enhance and broaden the political and economic relationship including the further alleviation of elements of double taxation, discrimination and other undesired tax barriers and the further extension of the arrangements for information exchange. The negotiation of the agreements has helped to establish a good relationship with the Nordic countries and has helped improve their understanding of and influence favourably their attitude towards the Island. The agreements are considered to enhance the Island’s international personality and generally to lead to a more favourable response to the Island on a wide range of market access and other economic/political issues.
Resource Implications: There are no implications for the financial or manpower resources of the States arising from the ratification and implementation of the agreements with the Nordic countries.
Action required: Request the Greffier of the States to lodge ‘au Greffe’ the Agreements for the Exchange of Information Relating to Tax Matters between the Nordic Countries (Denmark, The Faroes, Finland, Greenland, Iceland, Norway and Sweden) and the States of Jersey, and the associated draft Regulations, as soon as possible.
Signature:		Position: Senator T. Le Sueur, Chief Minister
Date Signed: 6.02.09		Date of Decision (If different from Date Signed):