Friday, June 26, 2009

More cracks in the wall of Babylon

26th June 2009

The following from today's Jersey Evening Post:

Jersey has plans to move to automatic exchange of tax information by 2011.

The Manx authorities have announced that they will move to automatic tax information exchange – a system which contrasts with this Island’s present approach based on signing Tax Information Exchange Agreements with separate jurisdictions – by July 2011.

However, Treasury Minister Philip Ozouf has revealed that Jersey is already committed to the introduction of automatic information exchange mechanisms by January 2011.

The Isle of Man’s announcement is seen as an attempt to pre-empt tougher disclosure rules that offshore financial centres could be forced to follow because of European Union initiatives.

Notoriously secretive jurisdictions such as Switzerland have already bowed to pressure for greater banking openness.

This in one to keep a very beady eye on.

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