Jersey can also exchange tax information with other countries under the double taxation conventions, the multilateral convention and with EU member states under the EU Savings Tax Directive. Download UK and Jersey Exchanges of letters (size 60kb) Jurisdictions can also use the text of the articles of the standard protocol if they wish to include the automatic and spontaneous exchange of information in a new TIEA. Tax information exchange agreements (TIEA) are signed by two countries that agree to cooperate on tax matters through the exchange of information. Jersey has been exchanging information with other countries since 2007 using TIEA. 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 legality of intergovernmental agreements (IGAs) has been called into question on the grounds that any agreement between governments binding each government is a treaty. Since the U.S. Constitution does not allow the executive branch to unilaterally implement treaties without Senate approval, many argue that IGAs have no basis in the U.S. Constitution.
[3] IGAs were not described or provided for in fatca laws, but were designed and implemented on the basis that it became clear that fatca would fail without it. [4] A tieA request for information model has been developed to assist the relevant authorities of TIEA partners in requesting information. It is available in English and French as well as in Spanish, German, Italian, Japanese, Korean and Turkish. Download Australia and Jersey Mutual Agreement Procedure (366kb) In June 2015, the OECD`s Tax Affairs Committee (CFA) approved a standard protocol of 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. Download Australia and Jersey Exchange of Information Agreement (Size 577kb) To see a summary of Jersey`s international tax treaties and progress with countries that have not yet signed an agreement with Jersey, download the document below: you help governments enforce national tax law by allowing the exchange of relevant tax information on request. Unlike double taxation conventions, TIEAs do not always eliminate double taxation of income. All Jersey TIEAs comply with international standards and largely follow the oecd`s standard agreement on the exchange of information on tax issues.