The governments of the Channel Islands, Guernsey and Jersey, have announced the initialling of Tax Information Exchange Agreements (TIEAs) with Indonesia.
The initialling is the first stage in the conclusion of arrangements to share tax information bilaterally on request. Both agreements require signing and ratification before their provisions can enter into force.
Colin Powell, Jersey’s international affairs advisor, said on behalf of Jersey that “negotiating a tax agreement with the Republic of Indonesia - a G20 member - is further evidence of Jersey’s support of the global implementation of the international standards of transparency and information exchange for tax purposes. Jersey, as a Vice-Chair of the Global Forum Peer Review Group, is determined to lead by example, and attaches particular importance to entering into agreements on tax information exchange with all G20 members”.
In comments after the ceremony on behalf of Guernsey, Chief Minister Lyndon Trott said:
"I hope that the signing of this Tax Information Exchange Agreement will further closer economic ties between Guernsey and Indonesia. This takes the total number of TIEAs that Guernsey has now signed to 23 and we have a further 15 that are ready for signature, or very near completion.
" Indonesia is a member of the G20 and signing TIEAs with such prominent countries remains a priority for Guernsey. The text of the TIEA with Indonesia recognizes that Guernsey has long been active in international efforts in the fight against financial and other crimes, including the targeting of terrorist financing, and has a history of exchanging information in criminal tax matters.”
The initialling is the first stage in the conclusion of arrangements to share tax information bilaterally on request. Both agreements require signing and ratification before their provisions can enter into force.
Colin Powell, Jersey’s international affairs advisor, said on behalf of Jersey that “negotiating a tax agreement with the Republic of Indonesia - a G20 member - is further evidence of Jersey’s support of the global implementation of the international standards of transparency and information exchange for tax purposes. Jersey, as a Vice-Chair of the Global Forum Peer Review Group, is determined to lead by example, and attaches particular importance to entering into agreements on tax information exchange with all G20 members”.
In comments after the ceremony on behalf of Guernsey, Chief Minister Lyndon Trott said:
"I hope that the signing of this Tax Information Exchange Agreement will further closer economic ties between Guernsey and Indonesia. This takes the total number of TIEAs that Guernsey has now signed to 23 and we have a further 15 that are ready for signature, or very near completion.
" Indonesia is a member of the G20 and signing TIEAs with such prominent countries remains a priority for Guernsey. The text of the TIEA with Indonesia recognizes that Guernsey has long been active in international efforts in the fight against financial and other crimes, including the targeting of terrorist financing, and has a history of exchanging information in criminal tax matters.”
