In October last year the Global Forum on Transparency and Exchange of Information for Tax Purposes conducted a review of the Island’s legislation. All 110 members of the forum are subject to review and are being measured against the international standards.
Jersey underwent phase one and two reviews. A phase one assessment examines the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, and a phase two review looks at the practical implementation of that framework.
In a report accompanying the proposal put forward by Chief Minister Ian Gorst to change the tax laws, it is said that the majority of the 110 jurisdictions were due to undergo a phase one assessment before the end of this year. The remainder were expected to be the subject of a phase two analysis between now and 2014.
However, Jersey was one of a limited number of jurisdictions that volunteered for a combined phase one and two assessment.
