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Jersey Welcomes Indian TIEA

by Jason Gorringe,, London

07 November 2011

Jersey has welcomed the signing of a tax information exchange agreement with Indian authorities, at the Indian High Commission in London on November 3.

The agreement was signed by Deputy Chief Minister, Philip Ozouf, and the Acting High Commissioner, Rajesh Prasad. Also in attendance was Assistant Chief Minister, and UK and International Relations Minister, Freddie Cohen.

Welcoming the signing, Ozouf said “Signing an agreement on tax information exchange with India, a G20 member, is of great importance. Jersey and India, as 2 of the 4 Vice Chairs of the Peer Review Group of the Global Forum on Transparency and Information Exchange on Tax Matters, are joined together in their commitment to the furthering of compliance with global standards.”

Cohen added that by signing a tax information exchange agreement it would help to build a strong relationship between Jersey and India as the territory seeks to capitalise on business opportunities in the emerging market country. “We see India as a future source of considerable business for the island. The signing of the agreement is an important further step in the development of a strong business relationship which will foster investment activity which we believe will be of significant benefit to both Jersey and India," he said.

Geoff Cook, Chief Executive of Jersey Finance Limited - the promotional agency for the island's financial services industry internationally, added:

‘For the last five years or so Jersey Finance has been building its links with India by hosting visits in which we showcase our services and highlight the quality of our regulatory regime. Senior politicians and regulators have joined us on some of our trips to meet formally with government officials and regulators in India. Earlier this year, Jersey Finance cemented its presence further by appointing representatives in both Mumbai and Delhi.”

“The signing of the TIEA is a boost to that growing commercial relationship and from an industry perspective gives further confidence to practitioners in both Jersey and India that there is mutual recognition about the quality of the standards of compliance and co-operation between regulators and tax authorities.’

Of the 19 G20 member countries (the twentieth being the European Union), Jersey has now signed tax agreements with 13 and 4 more agreements are being negotiated and are awaiting signature.

The tax information exchange provisions in the India-Jersey agreement will come into force once the parties have completed their respective domestic procedures.

TAGS: compliance | tax | investment | business | tax information exchange agreement (TIEA) | India | financial services | Jersey | agreements | G20 | standards | services

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