OREANDA-NEWS. Latvia and Jersey signed a tax information exchange agreement (TIEA) at the Latvian Embassy in London. The agreement was signed by the Assistant Chief Minister with responsibility for External Relations, Senator Sir Philip Bailhache, and the Latvian Ambassador, His Excellency Eduards Stiprais.

Currently, the Republic of Latvia Saeima considers the bill pursuant to which the TIEA between Latvia and Jersey will become effective. After enactment of this bill, according to the new version of the Regulations on Low-Tax or Tax-Free Countries and Territories, Jersey will be excluded from Latvian ‘blacklist’.

Senator Bailhache said: “We attach great importance to the signing of this TIEA with Latvia. 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.”

The tax information exchange agreement will come into force once the parties have completed their respective domestic procedures for ratification.