The Organisation for Economic Cooperation and Development (OECD) announced today that Jersey and the Netherlands have signed a bilateral agreement to exchange information for tax purposes. The agreement is patterned on the OECD Model Agreement for Exchange of Information in Tax Matters, and follows a similar agreement signed by Jersey in 2002 with the United States.
The OECD says that Jersey has played a constructive role in the OECD’s initiative to improve transparency and exchange of information for tax purposes. It was a key player in developing these principles and has taken a series of steps to implement them.
According to a release from the OECD, the agreement with the Netherlands and ongoing negotiations with other OECD countries show that Jersey is committed to effective international co-operation in the tax area, further enhancing its reputation as a financial centre. It notes that Jersey already has a good record of compliance with international standards and international co-operation in financial regulation and anti-money laundering.
Under the auspices of the OECD’s Global Forum on Taxation, some 33 jurisdictions have committed to work with OECD countries to improve transparency and to establish effective information exchange for tax purposes. The Forum’s 2006 report indicated that most countries have made considerable progress in implementing the transparency and exchange of information standards that the Global Forum wishes to see achieved. Current efforts are aimed at encouraging all countries to work towards the achievement of a global level playing by implementing high standards of transparency and exchange of information for tax purposes.