The Chief Executive of Jersey Finance has expressed support for the Organization for Economic Co-operation and Development’s (OECD) new single global standard for the automatic exchange of information between tax authorities worldwide.
Jersey has expressed its intention to support the initiative on tax transparency since it was announced and was one of over 30 countries to commit to early adoption of the Common Reporting Standard once published.
The CRS seeks to establish automatic exchange of tax information as the new global standard for governments. It imposes obligations on Financial Institutions to review and collect information so as to identify where account holders pay tax and then to provide this information to the relevant tax authority.
