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Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 201-: Law drafting instructions

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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

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A decision made 1 April 2015:

Ministerial decision reference    MD-C-2015-0043

Decision summary title   To prepare the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 201

Decision summary author

Chief Minister’s Department

Is the decision summary public or exempt?  

Public

Report title   The implementation of the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information

Report author or name of

person giving report

Adviser – International Affairs

Is the report public or exempt?

Public

Decision and reason for the decision

The Chief Minister approved proposals for the Law Draftsman to prepare the legislation to implement the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information signed by the Government of Jersey in Berlin on the 29th October 2014 to improve international tax compliance based on the Common Reporting Standard (CRS) for the automatic exchange of financial account published by the Organisation for Economic Cooperation and Development on 13th February 2014.

The Government of Jersey in 2014 joined with over 50 other countries and jurisdictions in committing to the early adoption of the new single global standard for automatic exchange of tax information and in October 2014 signed a Multilateral Competent Authority Agreement which provides the legal mechanism for automatic exchange of information with effect from 1st January 2016. Regulations are required to implement the Agreement following the ratification of the signed Agreement by the States.

Resource implications

There are no financial or manpower implications arising from the law drafting instructions.

Action required

The Chief Minister requested that the Adviser – International Affairs submit drafting instructions to the Law Draftsman’s Office.

Signature

 

 

 

 

 

Position

 

Senator I J Gorst

Chief Minister

 

 

 

 

 

Date signed

 

Effective date of the decision

Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 201-: Law drafting instructions

Request to the Law Draftsman to prepare Regulations for the implementation of the Common Reporting Standard on the Automatic Exchange of Tax Information

 

  1. In June 2014 Jersey became a party to the Convention on Mutual Administrative Assistance in Tax Matters as a result of the extension to the Island of the United Kingdom’s ratification of the Convention.

 

  1. Article 6 of the Convention provides for the automatic exchange of tax information between parties to the Convention.

 

  1. In February 2014 the OECD published a new global Common Reporting Standard (CRS) for the automatic exchange of financial account information.

 

  1. Jersey joined in a statement in March 2014  by 44 countries committing to the early adoption of the Common Reporting Standard.  On the 29th October 2014 in Berlin Jersey joined with 51 of the 54  countries in the “early adopters group” in signing a Multilateral Competent Authority Agreement (MCAA) as a first step in the implementation of the Standard.

 

  1. In accordance with Section 7 of the MCAA, Jersey is committed to put in place the necessary laws to implement the CRS  with effect from the 1st January 2016, with first reporting on financial accounts to relevant partner jurisdictions by September 2017.

 

  1. To meet this timetable the States will need to be asked to ratify the signed MCAA and adopt the required Regulations by mid year to give the finance industry good notice of the obligations.

 

  1. The Law Draftsman is therefore asked to prepare draft Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 201-. Drafting instructions will be provided by the Adviser – International Affairs.

 

 

 

Adviser – International Affairs

31 March 2015

 

 

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