The rating is based on a peer review assessment carried out by a team of experts on behalf of the OECD’s Global Forum, which includes 147 jurisdictions.
Jersey and IoM join South Africa, China, Mauritius and New Zealand among others in the top ‘compliant’ table. In total, 21 jurisdictions were rated compliant.
The US and UK join Guernsey, the British Virgin Islands, Luxembourg and Switzerland in the ‘largely compliant’ category, where the majority of jurisdictions were categorised.
The UAE and Panama were among 21 nations that fell below this standard and were rated ‘provisionally largely compliant’.
Only Trinidad and Tobago was rated non-compliant.
Jersey and IoM reaction
IoM treasury minister, Alfred Cannan, said: “I am delighted that the Isle of Man’s high levels of international cooperation have been recognised in this way. It has become much harder to reach the standard required to achieve a top rating as the bar has been raised for this second round of reviews.”
Jersey’s chief minister, senator Ian Gorst, said: “I welcome the OECD’s Global Forum’s recognition that Jersey is fully committed to the highest standards of tax transparency and cooperation with international standards.
“At a time when transparency is more important than ever, Jersey continues to demonstrate its steadfast commitment to international cooperation.”
Senator Alan Maclean, the channel island’s minister for treasury and resources, said: “This rating reflects the hard work done across all levels of government and regulators to ensure that Jersey has not just signed up to international standards, but has put them into practice in every area.
The OECD review process involves a two-stage examination of the legislation and procedures concerning tax transparency and beneficial ownership information, and an on-site assessment.
The other top rated countries are: Spain, France, Belgium, Colombia, Finland, Iceland, Japan, Korea, Lithuania, Mexico, Slovenia, Sweden, Ireland, Italy and Norway.
