Jersey has received the highest rating available in an assessment of its practical implementation of the Common Reporting Standard (CRS) in a report published.
The report, issued by the Organisation for Economic Cooperation and Development (OECD)’s Global Forum on Transparency and Exchange of Tax Information (the Global Forum) reviewed how well 99 jurisdictions had implemented the CRS. Jersey was among the few to receive the highest rating possible of “on track” for every aspect reviewed and an overall rating of ‘on track’.
The CRS requires jurisdictions to collect and exchange tax information on financial assets held in Jersey by non-residents. In 2022, Jersey exchanged this information with the tax authorities of 74 other jurisdictions.
The review examined whether jurisdictions have the necessary law, processes and systems in place to ensure that their financial institutions are complying with the standard. It also looked at whether jurisdictions were properly collecting and exchanging the information collected.
Jersey committed to introduce the CRS in 2014 and was one of the early adopters of the standard. Financial institutions have been reporting information since 2017.
The Minister for Treasury and Resources, Deputy Ian Gorst (pictured), said: “This rating reflects the seriousness with which Jersey takes its commitments to international tax cooperation and transparency. I am pleased that the significant investment of time and resources by Jersey’s financial institutions and Revenue Jersey has been recognised by the OECD.”