The Royal Court of Jersey has dismissed the first ever appeal brought as a consequence of a request for information under a Tax Information Exchange Agreement (TIEA).
Under the Taxation (Exchange of Information with Third Countries) (Jersey) Regulations 2008 the Jersey Comptroller of Taxes has powers to issue a notice requesting information in relation to a taxpayer when a request from a third country is made under a TIEA.
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Carey Olsen Jersey partner, John Kelleher, said the landmark ruling had set the precedent for cases of this nature brought before the Royal Court of Jersey.
"The court determined a number of important questions and provided useful guidance on the practical effect of the Regulations and TIEAs," Kelleher said.
This first appeal was against a decision of the comptroller to issue a notice to Volaw Trust & Corporate Services requiring Volaw to produce documents and records that it held in relation to its dealings with Larsen, a Norwegian taxpayer, and certain companies in which it is suspected that Larsen had an interest. The Norwegian Tax Authority had requested the information under its TIEA with Jersey.
Kelleher said: "Of particular interest was the conclusions reached by the court in relation to whether information that predated the entry into force of the TIEA could be obtained, the use to which information obtained in relation to a "criminal tax matter" could be put and the factors that the comptroller should take into account when deciding to issue a notice."
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