Jersey

Jersey offers to share tax standards with EU and OECD

  • 22 May 2013
  • From the section Jersey
Senator Ian Gorst
Senator Ian Gorst said any plans to tighten tax rules must be the same across the globe

Jersey's Chief Minister has offered to help develop corporation tax rules in a letter to the Prime Minister.

Senator Ian Gorst has replied to a demand from David Cameron for Crown Dependencies to do more to prevent tax evasion and avoidance.

The chief minister has also written to the OECD and the EU and offered to help develop global standards.

However, Richard Murphy from Tax Research UK said: "I don't trust Jersey, nobody else should either."

He claims when Jersey has been involved in shaping tax agreements in the past, it had done all it could to block attempts to end secrecy.

Mr Murphy said despite signing tax information exchange agreements with other countries, it was almost impossible to find out any information about companies operating from the island.

He said: "Jersey is trying to put a spanner in the works to ensure the wealthy and those who are hiding their assets from tax authorities will continue to be able to do so."

'World Bank recognition'

But Senator Gorst says Mr Murphy's criticisms were unfounded.

In his letter to the Prime Minister, Senator Gorst said: "The World Bank has recognised Jersey as a leader in setting standards for beneficial ownership information for tax purposes.

"We believe [these are standards] that most EU, G8, G20 and OECD countries have yet to match fully.

"We would be please to share our expertise and provide technical assistance to other countries."

Senator Gorst said any plans to tighten international tax rules must be the same across the globe.

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