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India-Jersey Tax Agreement Delayed

by Amanda Banks,, London

22 March 2011

A delay to the signing of a Tax Information Exchange Agreement (TIEA) with India will not impact on Jersey entities’ efforts to secure Indian business opportunities, Jersey Finance has reassured the financial services industry.

Responding to the news of the delayed signing, the promotional body was quick to state that it would not have an impact on bilateral relations. Jersey Finance’s CEO, Geoff Cook said: “TIEAs take a number of months to prepare and so it is understandable that on this occasion the formal signing could not be completed to coincide with our visit to India marking the introduction of permanent Jersey Finance representative in the country. We have every confidence that the agreement will soon be in place and when it is, the platform for growing business between Jersey and India will be strengthened further.”

The announcement, on March 18, coincided with a Jersey Finance delegation's visit to India, where the signing of a TIEA was expected between the parties. The visiting high-level delegation included Deputy Chief Minister, Senator Philip Ozouf, Assistant Chief Minister, Freddie Cohen, and a number of senior representatives from Jersey-based finance firms.

“The commercial elements of the visit have been a great success and we have built on the strong links that already exist between Jersey and India as well as making a great many new contacts. With our permanent representatives now in place, the future growth opportunities for business flows between Jersey and India are strong,” Cook said.

The delegation left India on March 18 for the next phase of the market development visit, where they then travelled to the United Arab Emirates to mark the opening of Jersey Finance’s representative office in Abu Dhabi on March 20.

Jersey Finance representation in both India and the Gulf Cooperation Council will support the promotion of Jersey as an international finance centre, and act as a hub for Jersey Finance to communicate the breadth and depth of financial services and expertise available through Jersey. In India, Jersey delegates have been working to emphasize Jersey’s strength as a centre for corporate banking, funds and wealth management work, and to explain the expertise Jersey has in corporate structuring, including the benefits of Jersey’s recently introduced Cross Border Mergers Law.

Sean Costello, Head of Jersey Finance’s Business Development in the GCC and India will be supported by Business Development Representatives Kapil Dua, based in Delhi, and Jyoti Tathgur, based in Mumbai.

TAGS: United Arab Emirates | tax | business | offshore confidentiality | tax information exchange agreement (TIEA) | India | law | banking | financial services | international financial centres (IFC) | Jersey | enforcement | offshore | standards | services

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