Chief Minister responds to UK Prime Minister

Jersey's Chief Minister has written to the UK Prime Minister in response to his letter to the Crown Dependencies and Overseas Territories: -

 

 

Thank you for your invitation to a high level event on tax, trade and transparency on 15th June which we would be pleased to attend.  We welcome your efforts to improve standards of beneficial ownership information for tax purposes worldwide.

 

The World Bank has recognised Jersey as a leader in setting standards for beneficial ownership information for tax purposes.  Our stringent requirements for the incorporation of Jersey companies, alongside our regulation and on-site supervision of trust and company service providers, ensures that adequate, accurate and current information on beneficial ownership is available to law enforcement and tax authorities around the world. 

 

We believe this is a standard that most EU, G8, G20 and OECD countries have yet to match fully.  We would be pleased to share our expertise and to provide technical assistance to other countries where required.

 

Our shared commitment to the fight against tax evasion has been demonstrated recently by the agreement on enhanced tax information exchange between the UK and Jersey based on the US FATCA model.  We are equally committed to working with the OECD on the development of a new global standard for the automatic exchange of tax information. 

 

I have already written to the Secretary General of the OECD expressing our wish to be involved in developing this new international standard.

 

I confirm that I will be recommending that Jersey should join the pilot project initiated by the G5, and now extended to a group of 17 EU Member States, to develop a single standard for automatic exchange of tax information.  As we are supporting the work of the OECD on developing a new standard, we also wish to join in the work of the EU. 

 

I have written to the Irish Presidency of the Council of the EU to confirm this commitment.

 

I support your leadership of the G8 to secure new standards that will establish a global level playing field in the fight against tax evasion.  We consider this to be consistent with our position as a leading international finance centre. 

 

I share your belief in lower taxes, fairly applied across the world, as a vital driver of growth and prosperity and we look forward to continuing to provide the financial services which are essential to future economic growth and stability.