BEPS, Jersey Funds and Future Certainty
It’s two years ago this month that Jersey became a ‘BEPS Associate’ and ‘Member of the BEPS Inclusive Framework’ at the OECD’s inaugural BEPS discussions (16 June 2016), and a year (8th June 2017) since Jersey became one of the early signatories to the multilateral instrument (MLI) that forms part of the BEPS project.
Moreover, six months ago, in December 2017, Jersey became only the third jurisdiction in the world to have completed domestic ratification of the MLI.
All of this action demonstrates Jersey’s full commitment towards, and active participation in, the development of international tax standards.
The Jersey Funds Association and Jersey Finance have worked closely together to create a useful factsheet for fund managers and advisers, to demonstrate how the action points outlined under BEPS have not altered Jersey’s position as a leading, forward-thinking centre for the domiciliation, management and servicing of funds.
In particular, while the BEPS project has resulted in the introduction of new international tax treaties and legislative change in some jurisdictions, Jersey has remained focussed on supporting managers and investors by providing a clear, stable and certain environment in line with the action points stipulated by the BEPS project.
By working with key stakeholders and retaining a keen focus on the international transparency landscape, Jersey is ready for BEPS and is in a better place to respond to it than many other jurisdictions.
As a result of the limited impact of BEPS on Jersey, funds and their managers, investors and advisers can be certain that Jersey remains a future-proof solution.