Tax Information Exchange Agreement with Ireland

26 March 2009

Jersey’s Chief Minister has signed a Tax Information Exchange Agreement with Ireland, as part of the island’s ongoing commitment that began with Jersey’s first TIEA, signed with the USA in 2002.

Chief Minister, Senator Terry Le Sueur, signed the TIEA with the Irish Minister of Finance, Mr Brian Lenihan T.D . Senator Le Sueur says: “In a joint declaration, Ireland has welcomed Jersey as a member of the community of nations committed to international cooperation and information exchange on tax matters, and has wished to assure the Government of Jersey that Jersey will be fully and equally treated as such by the Irish authorities.

“These agreements to co-operate over tax matters highlight the mutual respect between jurisdictions. Our continuing programme of signing agreements with jurisdictions across the globe demonstrates our willingness to comply with international standards of financial regulation, anti-money laundering, and combating the financing of terrorism.

“Last year the OECD Secretary General referred to the fact that Jersey has signed a number of Tax Information Exchange Agreements, and called for clear political recognition for those offshore financial centres that have made this kind of progress. We hope to see this reflected in the outcome of the G20 Summit in London on April 2nd and that there will greater pressure put on those countries, including some OECD members, who have not yet shared Jersey’s commitment to transparency and co-operation.”

On signing a similar agreement with the UK, the Financial Secretary to the Treasury, Stephen Timms, said: “Exchange of information and transparency between countries and territories is vital in combating tax avoidance and evasion. More countries and territories must now follow Jersey’s example.”

Jersey is close to signing a TIEA with Australia, with whom negotiations have been completed. It is expected that shortly afterwards a TIEA will be signed with New Zealand. With the signing of the TIEA with Australia, Jersey will have signed 14 TIEAs, 12 of which will be with OECD Member States.
The States of Jersey this week ratified the TIEA with seven Nordic countries, which was signed last year.

Discussions are underway with Spain and Italy and Jersey is more than willing to extend such agreements to all other jurisdictions, including OECD countries, when they are ready to engage.