Jersey Finance comment on TIEA's

Jersey signing two further Tax Information Exchange Agreements (TIEAs) this week with Brazil and Latvia firmly demonstrates its commitment to building strong and mutually beneficial relationships with EU Member States and G20 nations, according to Jersey Finance.

Both TIEAs, which are in line with OECD standards and facilitate the exchange of tax information on request, were signed in London this week by Jersey's Assistant Chief Minister with responsibility for External Relations Senator Sir Philip Bailhache, with the Latvian Ambassador, His Excellency Eduards Stiprais, and the Brazilian Ambassador, His Excellency Mr Roberto Jaguaribe.

Geoff Cook (pictured), CEO, Jersey Finance said:

“Jersey has now signed 31 Tax Information Exchange Agreements in total, a significant proportion of those with EU and G20 nations. Not only is that beneficial in terms of building good quality business with those countries, it is also a reflection of Jersey's genuine desire to comply with international standards and cooperate fully with the EU and G20 – particularly pertinent given the UK's presidency of the G20 this year.

“The agreement with Brazil is hugely significant in building awareness of Jersey in the key Latin America market. It can help establish a new relationship with Brazil that we feel will be reflected in increasing business opportunities, both for Brazil and Jersey, in the years to come. The signing of the agreement with Latvia, meanwhile, reinforces Jersey's commitment to the European marketplace and to working with EU regulatory initiatives, such as the Alternative Investment Fund Managers Directive (AIFMD) due to come into play this summer.”