Agreement between United Kingdom and Jersey on International Tax Compliance: Ratification

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A decision made on 1 May 2014:

Decision Reference: MD-C-2014-0090
Decision Summary Title :	Ratification of the Agreement between the Government of the United Kingdom and the Government of Jersey to Improve International Tax Compliance		Date of Decision Summary:	30 April 2014
Decision Summary Author:	External Relations		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 between the Government of the United Kingdom and the Government of Jersey to Improve International Tax Compliance		Date of Written Report:	30 April 2014
Written Report Author:	Adviser – International Affairs		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Ratification of the Agreement between the Government of the United Kingdom and the Government of Jersey to Improve International Tax Compliance
Decision(s): The Chief Minister decided to lodge ‘au Greffe’ a Report and Proposition entitled ‘Ratification of the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Jersey to Improve International Tax Compliance for States debate at the earliest opportunity.’
Reason(s) for Decision: An Agreement between the Government of the United Kingdom and the Government of Jersey to improve international tax compliance was signed in London by the Chief Minister on the 22nd October 2013. This Agreement is commonly referred to as an intergovernmental agreement or IGA. Also signed by the Chief Minister was an amendment to the 2009 Agreement between the United Kingdom and Jersey for the exchange of information relating to tax matters. This Inter-Governmental Agreement (IGA) is based on the requirements of the US Foreign Account Tax Compliance Act (FATCA) enacted in 2010 whereby foreign financial institutions are required to report financial account information in respect of specified persons. The purpose of these requirements is to reduce tax evasion, which the Jersey authorities are committed to support through their active engagement in a number of current international initiatives
Resource Implications: The resource implications are detailed in the main Report. It is difficult at this stage to quantify the financial or manpower implications. However, given the commitments entered into with the G20 and the international community generally, and the specific commitments to join in the fight against tax evasion to which the IGA relates, it is considered that the financial and manpower costs to be incurred are unavoidable.
Action required: The Greffier of the States to be asked to arrange to lodge ‘au Greffe’ the Report and Proposition for debate at the same time as the Taxation (Implementation) (International Tax Compliance) (United Kingdom) (Jersey) Regulations 201- (MD-C-2014-0091).
Signature:		Position: Chief Minister of Jersey
Date Signed:		Date of Decision (If different from Date Signed):