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Jersey and the Isle of Man Have Approved High Level of Tax Transparency

The mechanisms for providing the global standards of information exchange in tax matters for Jersey and the Isle of Man have been subject to a review by the Organization for Economic Cooperation and Development. The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, which includes 147 experts, have carried out “revision”. The assessment of jurisdictions for tax transparency included 2 phases. The first phase assumed an analysis of the legal framework of the states, and the second one – monitoring of how fully it is implemented in practice. According to the results of such control, a certain indicator of the level of compliance with the international standard is fixed over the jurisdiction: “compliant”, “mostly compliant” “partially compliant” or “non-compliant” respectively. Within the framework of the second assessment phase, Jersey and Man were given the highest rating, which indicated the recognition of their achievements by the OECD with respect to compliance with global standards of information exchange in tax matters. Now the islands are included in a group of less than 10 jurisdictions which are ahead of the most EU and G20 countries including the UK, Germany, USA, Australia, Canada and Luxembourg.