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Jersey Signs DTAs With Guernsey And IoM

by Jason Gorringe,, London

29 January 2013

The Jersey government has confirmed that it has signed new comprehensive double tax agreements with the Isle of Man and Guernsey.

The agreements were signed by Jersey's Assistant Chief Minister with responsibility for External Relations, Philip Bailhache, Guernsey's Deputy Chief Minister, Jonathan Le Tocq, and the Isle of Man's Treasury Minister, Eddie Teare on January 24, 2013.

Bailhache said: "I am delighted to have signed these two double taxation agreements, which will further strengthen our close political and business relationships with our fellow Crown Dependencies. Jersey is keen to enter into such agreements, which meet the current international standards, and it is most fitting that we are now adding agreements with Guernsey and the Isle of Man to the five double taxation agreements we have already signed."

The agreements have been drafted in line with the Organization for Economic Cooperation and Development Model Double Tax Convention and allocate taxing rights in respect of cross-border income transfers, trade and investment between the territories to ensure income is not taxed twice. The agreements cover corporate and personal income taxes, including profits, dividends, interest, royalties, and income from employment and pensions.

The agreements also provide for the exchange of information on request in line with international standards.

Geoff Cook, the Chief Executive of Jersey Finance - the promotional agency for the island's financial services industry, said: "As well as facilitating further business between the Crown Dependencies by affirming a robust taxation framework for financial flows between Jersey, Guernsey and the Isle of Man, these DTAs also underline a shared commitment to meeting international standards and cooperating at an industry and a political level. The message is a powerful one and should positively impact the reputation of the Crown Dependencies on the international stage and consequently Jersey’s attraction to investors."

The development means that Jersey has now signed seven double tax agreements as well as 29 Tax Information Exchange Agreements.

TAGS: Isle of Man | tax | investment | business | pensions | double tax agreement (DTA) | interest | royalties | international financial centres (IFC) | Guernsey | Jersey | offshore | agreements | dividends | standards | services

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