Jersey and Spain sign tax information exchange agreement

As early adopters of the new global standard for the automatic exchange of information; Jersey and Spain signed a tax information exchange agreement (TIEA) on Tuesday.

The agreement was signed at the Spanish Embassy in London by Jersey’s assistant chief minister, senator Philip Ozouf, who said: “We attach great importance to the signing of this TIEA with Spain.

“While Jersey is not a part of the European Union, we are part of Europe and we have long pursued a good neighbour policy towards the member states of the EU.

“It is also further evidence of Jersey’s full commitment to compliance with the current international standards on transparency and exchange of information for tax purposes.

“The signing of the agreement is a further strengthening of the relationship between Jersey and Spain.

“We are both members of the Early Adopters Group for the implementation of the new global standard on automatic exchange of information and we are both party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters,” Ozouf added.

“We are both members of the Early Adopters Group for the implementation of the new global standard on automatic exchange of information and we are both party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.”

The tax information exchange agreement will come into force once the parties have completed their respective domestic procedures for ratification.