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. 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. 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. 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. The legality of intergovernmental agreements (ISAs) has been questioned on the grounds that any agreement between governments that significantly binding any government constitutes a treaty. Since the U.S. Constitution does not allow the executive branch to unilaterally implement treaties without the consent of the Senate, many argue that GAs have no basis in the U.S. Constitution.  THE ISGs were not described or provided for in the Fatca legislation, but were designed and implemented a posteriori, when it became clear that FATCA would fail without it.  To view a summary of Jersey`s international tax treaties and the progress made with countries that have not yet signed an agreement with Jersey, download the following document: The agreements will only enter into force once the necessary parliamentary procedures have been completed in both countries. 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. Download Australia and Jersey Information Exchange Agreement (size 577kb) Download the UK and Jersey Letter Exchange (size 60kb) The objective 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. The OECD (Organisation for Economic Co-operation and Development) has developed the Tax Information Exchange Agreement (TIEA) to allow high-tax countries to ask foreign banks for information on customers suspected of holding funds outside their country`s banking system. . . .