The Governments of Jersey, Guernsey and the Isle of Man have signed Model I intergovernmental agreements (IGAs) with the US government in London to comply with the FATCA law.
The agreement was signed by Jersey chief minister senator Ian Gorst with US ambassador to the UK, Matthew Barzun, according to International Adviser.
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The agreement will further enhance Jersey’s commitment to fight against tax evasion. Additionally, it will support current international initiatives enhancing transparency and exchange of information for tax purposes.
Earlier this year, the Crown Dependencies (Isle of Man, Guernsey and Jersey) have also agreed to enter into automatic tax information exchange agreements with the UK. However, the UK and the Isle of Man have signed an IGA on 10 October 2013, while Guernsey and Jersey have signed IGAs with the UK on 22 October 2013.
Ian Gorst said: "The OECD, at the request of the G20, is developing a single global standard for automatic exchange of information based on the US FATCA model and Jersey is also actively engaged in this process."
Peter Harwood Guernsey’s chief minister said: "Guernsey has been committed to exchanging tax information since it signed its first tax information exchange agreement with the US authorities in 2002. Today we have enhanced those arrangements, and in doing so we have further enhanced our reputation and our leadership position on tax transparency."
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By GlobalDataAdditionally, the US had signed 12 other IGAs with a number of European countries, including the UK, Cayman Islands and Costa Rica.
