Jersey agrees that a new European Union Savings Tax Directive is inevitable – and it will have to comply

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I’ve already noted this morning that Jersey has conceded that the UK has all the power in its relationship with the USA over FATCA. It made another interesting concession in questions and answers made yesterday in the States of Jersey. The following exchange took place, with Geoff Southern, a long term friend of tax justice, asking the question:

Jersey has conceded that the impact of FATCA on Europe means that it now seems inevitable that the European Union Savings Tax Directive will be reformed and that it will have to comply with the massively increased information exchange that will put into place.

We are making progress.