Belgium signs tax agreement with Jersey

Belgium and the self-governing island nation of Jersey have signed a tax information exchange agreement, or TIEA, that will create greater transparency. Belgium’s Minister of Foreign affairs Didier Reynders and Jersey’s Minister for External Relations Senator Sir Philip Bailhache made the agreement official Thursday in London.

The tax deal will allow Belgium and Jersey to build trust when it comes to sharing tax information among its citizens and companies. Tax investigations will also be made transparent, allowing both nations to examine the tax records and banking information of both individuals and businesses. Although Jersey is not a member of the EU, the nation will now be able to work closer with not only Belgium, but also other EU member states.

Jersey is part of the Duchy of Normandy, and is ruled by the Duke of Normandy, who also happens to be Britain’s Queen Elizabeth.