Jersey has been given the highest possible rating by the international body responsible for assessing jurisdictions’ compliance with global standards on tax transparency and information exchange.
A report by the OECD’s Global Forum on Transparency and Exchange of Information on Tax Matters has rated Jersey fully compliant in all 10 of the areas reviewed.
This places the island in the top band of countries that have completed both phases of the OECD review process, and represents a higher rating than that achieved by several major G20 economies.
Jersey was last reviewed in 2014, when it was found to be ‘largely compliant’. The island has improved its ratings in four areas focusing on the way in which it deals with requests for tax information from other jurisdictions, to give it a ‘fully compliant’ rating all round.
The review process involved a detailed examination of the legislation and procedures in place in Jersey concerning tax transparency and beneficial ownership information, and a full on-site evaluation by an assessment team including peer members of the Global Forum in February this year.
The assessment process required input from government departments, the Law Officers’ Department, the Jersey Financial Services Commission and meetings between the assessment team and the financial services industry in Jersey.
The Chief Minister, Senator Ian Gorst, said: “I welcome the OECD’s Global Forum’s recognition that Jersey is fully committed to the highest standards of tax transparency and cooperation with international standards. At a time when transparency is more important than ever, Jersey continues to demonstrate its steadfast commitment to international cooperation.”
• The full report is available here
• The overall ratings table for countries following peer review can be found here