New Tax Information Exchange Arrangements signed
A number of new Tax Information Exchange Arrangements (TIEA) have been signed by Jersey, Guernsey and the Isle of Man. The TIEAs allow for the exchange of tax-related information.
The TIEAs meet the international Organisation for Economic Cooperation and Developments (OECDs) international standard on tax co-operation and transparency. The agreements have been drafted to allow for the exchange of information necessary to combat tax fraud and to ensure that the right amount of tax is paid in each country party to the arrangement.
In recent weeks Jersey have signed a TIEA with Switzerland. This is the Island’s 32nd TIEA which meets the OECD tax standards on transparency and information exchange. Guernsey have signed TIEAs with Switzerland and Hungary and the Isle of Man has signed TIEAs with Italy and Lesotho.
The TIEAs will take force once both governments have finalised their legislative procedures.