For them, the conclusion of such an agreement would involve a considerable negotiation effort. (c) the provision of information that would reveal any trade, commercial, professional or commercial secrets, or any information whose disclosure would be contrary to public policy (or the public). The exchange of information with other countries under the IRS is governed by Jersey`s relevant rules, which should be read at the same time as the order below and recent changes. These regulations provide that courts may also use the text of the articles of the model protocol if they wish to include the automatic and spontaneous exchange of information in a new TIEA. The aim 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 Information Exchange. In June 2015, the OECD`s Tax Affairs Committee (CFA) approved a standard protocol on the agreement. The standard protocol can be used by jurisdictions if they wish to extend the scope of their existing TIEAs to the automatic and/or spontaneous exchange of information. A translation could be found from examples spotted on the Internet. Whatever format you adopt, it is your responsibility to correctly identify the jurisdiction to which your customers` information must be transmitted upon your return.
Jersey has committed to adopting the CRS as soon as possible. This means that account information for 2016 2017 will be automatically reported. (b) to provide information that cannot be obtained under the law or in the normal course of administration of the State party concerned or the other State party concerned; The agreement was born out of the OECD`s work on combating harmful tax practices. The lack of effective exchange of information is one of the main criteria for determining harmful tax practices. The agreement is the standard for the effective exchange of information within the meaning of the OECD`s initiative on harmful tax practices. The agreement of the competent authority does not allow the exchange of information between Jersey and the other crown dependencies (i.e. Guernsey and the Isle of Man). This agreement, published in April 2002, is not a binding instrument, but includes two models of bilateral agreements. Many bilateral agreements are based on this agreement (see below).