Base Erosion and Profit Shifting: Response to Public Consultation on Introduction of Country-by-Country Reporting

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A decision made 3 August 2016:

MINISTERIAL DECISION REFERENCE: MD-ER-2016-0027
DECISION SUMMARY TITLE: Publication of Response to Public Consultation on Introduction of Country-By-Country Reporting
DECISION SUMMARY AUTHOR:	Head of International Agreements	IS THE DECISION SUMMARY PUBLIC OR EXEMPT?		Public
REPORT TITLE: Base Erosion and Profit Shifting: Response to Public Consultation on Introduction of Country-By-Country Reporting
REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: (if different from Decision Summary Author)	Head of International Agreements	IS THE REPORT PUBLIC OR EXEMPT		Public
DECISION AND REASON FOR THE DECISION: The Minister for External Relations approved and authorised the publication of the Consultation Paper entitled Base Erosion and Profit Shifting (BEPS): introduction of country-by-country reporting. This report summarises responses to the public consultation entitled “Base Erosion and Profit Shifting (BEPS): introduction of country-by-country reporting.” The consultation was open from January to April 2016. Responses were received and collated by the Chief Minister’s Department of the Government of Jersey, and by Jersey Finance Ltd. This consultation on proposed Regulations was undertaken to inform the next stage in Jersey’s commitment to support the actions proposed by the OECD under the BEPS programme. The BEPS project has identified “Action 13 – Transfer Pricing Documentation and Country-By-Country Reporting (CBCR)” as one of the four minimum standards. the purpose of this consultation was to seek industry views on Jersey’s proposed approach to implementing CBCR. Providing that no major issues were identified in the consultation, it was agreed that draft Regulations would be presented to Ministers for consideration prior to being presented to the States for approval. In total, there were seven responses received to the consultation. The respondents included major accounting firms, a large international bank, and one international service provider to the oil and gas industry. Jersey’s financial services trade body, Jersey Finance Ltd, also canvassed its members and provided a summary response. A number of the responses to government were marked as private and confidential. Given the relatively small size of the sample, it has therefore been decided to anonymise all responses and to report instead on the general themes that emerged from the consultation.
RESOURCE IMPLICATIONS: There are no resource implications for the States of Jersey as a result of this decision.
ACTION REQUIRED: The Head of International Agreements will take steps to issue the consultation paper on the gov.je website, and that it is circulated to respondents and industry representatives.
SIGNATURE: SENATOR SIR PHILIP BAILHACHE			POSITION: MINISTER FOR EXTERNAL RELATIONS

DATE SIGNED			EFFECTIVE DATE OF THE DECISION