Jersey Signals An Intention To Get Tough On TIEAs

On 22 October 2013, a draft amendment to the Taxation (Exchange of Information with Third Countries) (Jersey) Regulations was lodged with the States of Jersey. 

The accompanying report states that the main objective of the amendments is to address:

1. A number of perceived shortcomings with the current regime; and
2. Jersey's inclusion on the French list of non-cooperative jurisdictions.

The report signals a clear commitment to ensuring that tax information requests made of Jersey entities are dealt with quickly and in line with international standards. 

Crucially, the proposed amendments will retrospectively apply to existing requests, subject to certain exceptions.  The report envisages that this may expedite Jersey's removal from France's list of non-cooperative jurisdictions.