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Jersey has signed a tax information exchange agreement (TIEA) with Romania at the Romanian Embassy in London.

The tax deal was signed by the minister for external relations, Senator Sir Philip Bailhache, and the Romanian ambassador, Ion Jinga.

With this latest deal, Jersey now has international tax agreements with 44 countries including TIEAs and Double Taxation Agreements (DTAs).

The agreement will come into effect upon completion of their respective domestic procedures for ratification.

The move comes after finance ministers and tax chiefs from 51 countries have inked an agreement for the automatic exchange of tax information, in an effort to reduce tax evasion.

Bailhache said: "While Jersey is not a part of the European Union, we are part of Europe and we have long pursued a good neighbour policy towards the Member States of the EU. It is also further evidence of Jersey’s full commitment to compliance with the current international standards on transparency and exchange of information for tax purposes.

"Both are members of the Early Adopters Group for the implementation of the new global standard on automatic exchange of information and both are party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters," he added.

Geoff Cook, CEO of Jersey Finance Limited, said: "This is the 21st TIEA signed with an EU country and reinforces Jersey’s position as a transparent and well regulated finance centre and its commitment to cooperation in tackling tax evasion on the European and wider international stage."