Tax Information Exchange Agreements United States

To view a summary of Jersey`s international tax treaties and progress with countries that have not yet signed an agreement with Jersey, download the following document: All agreements have been signed and ratified unless otherwise stated. Download the UK and Jersey Exchange of Letters (size 60kb) Tax Information Exchange Agreements (TIEAs) are signed by two countries that agree to cooperate in tax matters through exchange of information. Jersey has been exchanging information on TIEAs with other countries since 2007. The purpose of this Agreement is to promote international cooperation in tax matters through the exchange of information. It was developed by the OECD Global Forum Working Group on Effective Exchange of Information. Jersey has signed a number of TIEAs based on this OECD model that allow us to send and receive tax information with more than 30 countries. This figure is expected to increase over time. Legal systems may also choose to use the text of the articles of the Model Protocol if they wish to include in a new TIEA the provisions on the automatic and spontaneous exchange of information. In this way, jurisdictions may base a bilateral agreement on the competent authority for the purpose of introducing the automatic exchange of information in accordance with the common information standard or the automatic exchange of country reports on an TIEA, in particular where the automatic exchange of information under a relevant multilateral agreement of the competent authority is not (yet) possible. A TIEAs request template has been developed to assist the competent authorities of TIEA partners in requesting information.

It is available in English and French as well as Spanish, German, Italian, Japanese, Korean and Turkish. Jersey may also exchange tax information with other countries under double taxation treaties, the multilateral convention and EU Member States under the EU Savings Tax Directive. In June 2015, the OECD Committee on Fiscal Affairs (CFA) approved a model protocol to the agreement. The standard protocol can be used by legal systems if they wish to extend the scope of their existing TIEAs to the automatic and/or spontaneous exchange of information. This exchange of information on request was supplemented by an automatic procedure on 29 October 2014. [2] The automatic process should be based on a common reporting standard. They assist governments in enforcing national tax laws by providing the opportunity to exchange relevant tax information upon request. Unlike double taxation treaties, TIEAs do not always eliminate double taxation of income. The agreement gave rise to the development of the OECD to combat harmful tax practices. . .