Jersey signs tax agreement with Switzerland

Thursday 21 January 2016

External Relations Minister Philip Bailhache has signed a joint declaration with Switzerland on automatic exchange of tax information.

The agreement was signed with the Swiss Ambassador to the UK, Dominik Furgler, in London on Friday.

Identical declarations have been signed with Switzerland by Guernsey and the Isle of Man.

A statement from the Chief Minister's department said that the declaration reflected the commitment by the Swiss and the governments of the Crown Dependencies to the collection and exchange of information in tax matters in accordance with the global AEOI standard (“the Common Reporting Standard”).

Under the agreement, the first exchange of information between Jersey and Switzerland on a reciprocal basis will occur in 2018. The declaration specifies that each jurisdiction is satisfied with the confidentiality rules provided for in the other jurisdiction with regard to tax.

Senator Bailhache said: “The signing of the declaration reflects the close economic ties that exist between Switzerland and Jersey and our common commitment to compliance with the international standards on transparency and information exchange in tax matters.”