Chief Minister Ian Gorst and representatives from more than 60 other jurisdictions signed the Organisation for Economic Co-operation and Development convention in Paris last week.
The agreement, which aims to prevent base erosion and profit shifting (BEPS), was developed through negotiations involving more than 100 countries and jurisdictions under a mandate delivered by G20 finance ministers and central bank governors at a meeting in February 2015.
Senator Gorst said that the multilateral measure would enable Jersey to ‘strengthen its tax treaty network in an efficient and comprehensive manner, without the need for costly and time-consuming bilateral negotiations’.
Jersey became a BEPS associate and member of the BEPS inclusive framework at its inaugural meeting on 16 June 2016. As a BEPS associate, Jersey is able to contribute to the overall development of the project.
Senator Gorst said: ‘I am delighted to have joined with jurisdictions from around the world, including members of the G20, the OECD and the EU, in signing the multilateral agreement on behalf of the Government of Jersey.
‘In doing so we have further demonstrated our internationally recognised leading position in complying with the international standards on financial regulation, anti-money laundering and tax transparency and information exchange.’
