Mon, 23/12/2013 - 12:07
Jersey Finance has welcomed confirmation from the French Ministry of Finance that the island has been removed from France’s list of non-cooperative jurisdictions.
Authorities from Jersey have been meeting with senior officials from France’s Ministry of Finance in recent months and confirmation was received on 20 December by Jersey’s government that, due to Jersey’s significant efforts to ensure tax information requests are responded to swiftly and effectively, it has been removed with immediate effect from the list compiled by the French government.
As a result, there will not be a withholding tax applied to business between Jersey and France.
Jersey Finance chief executive Geoff Cook (pictured) says: “The confirmation of Jersey’s removal from France’s list of non-cooperative jurisdictions and the consequence that business between Jersey and France will not be subject to a withholding tax, is very welcome news indeed from a finance industry point of view.
“Jersey’s government has been working hard in conjunction with French authorities in recent months to ensure that Jersey can be removed from this list. With amendments having been made to Jersey’s regulations relating to information exchange, it is now clear that the French authorities are happy with the speed and efficacy of how Jersey responds to information requests, under Jersey and France’s existing Tax Information Exchange Agreement (TIEA). This, combined with Jersey’s excellent track record of exchanging information, should further reassure foreign tax authorities and underlines Jersey’s commitment to meeting international obligations.”
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