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WRITTEN QUESTION TO THE CHIEF MINISTER
BY DEPUTY G.P. SOUTHERN OF ST. HELIER ANSWER TO BE TABLED ON TUESDAY 24th MARCH 2015
Question
Will the Minister, in seeking to create an ethical basis for government policies, support Oxfam's call for European institutions, especially the European Commission in its two tax-related proposals for 2015, to:
"1. Support the creation of a U.N. inter-governmental body on tax cooperation, by calling for a
Ministerial roundtable on tax during the Financing for Development Conference in Addis Ababa in July 2015.
- Increase corporate tax transparency by adopting public country by country reporting rules for large companies in all sectors, to build on what has been decided for the European banking sector.
- Increase corporate tax harmonisation in Europe by ensuring a compulsory common consolidated corporate tax base in all 28 countries, which makes certain that taxes are paid where profits and real economic value is created.
- Analyse the negative impacts one member state's tax system can have on other European and developing countries, and provide public recommendations for change."
and, if not, why not?
Answer
Jersey has an established record of engagement with international tax initiatives promoted by the OECD and the G20 and is already committed to support a number of initiatives that relate to the matters on which Oxfam has called for action. These initiatives include the OECD Base Erosion and Profit Shifting (BEPS) project and the Action Plans on country by country reporting, combatting harmful tax practices, and ensuring that profits are taxed where economic activities generating the profits are performed and where value is created.
Jersey continues to play an active role in the work of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, a body with more than 120 member jurisdictions. Jersey would be concerned if this work were adversely affected by the creation of a UN inter-governmental body on tax cooperation; particularly if that body were limited to UN members. This would exclude Jersey from the level of engagement presently enjoyed with the OECD Global Forum, which includes being a vice chair of a Working Group that is monitoring the implementation of a new global Common Reporting Standard on automatic exchange of information in both developed and developing jurisdictions.