The signing of a tax information exchange agreement (TIEA) between Jersey and Switzerland has been welcomed by Jersey Finance as a significant enhancement to Jersey's relationship with another major International Finance Centre (IFC).
The agreement was signed on 16th September at the Swiss Embassy in London by Jersey's Chief Minister Senator Ian Gorst and the Ambassador of Switzerland in London HE Dominik Furgler for the Swiss Federal Council.
This is Jersey's 32nd TIEA which meets the OECD tax standards on transparency and information exchange and the 25th such agreement Jersey has signed with an OECD country.
Geoff Cook, Chief Executive, Jersey Finance said:
"This latest agreement with Switzerland enhances our relationship with another major IFC, with whom Jersey already has a good and strong business relationship, particularly in the areas of wealth management and banking.
"With 32 such agreements now signed and a further dozen either initialed or where negotiations are well under way, Jersey continues to make great strides in extending its network of tax information exchange agreements and playing a key role in the global drive towards greater transparency and cooperation on tax matters."
One of the Vice Chairs of the OECD's Peer Review Group, Jersey has also recently given its full support to the G20 Action Plan, and agreed to join the Multilateral Convention on Mutual Administrative Assistance on Tax Matters, the EU G5 project on automatic exchange of information based on FATCA, and to automatic exchange of information under the EU Savings Directive.
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