Jersey Finance has welcomed the signing of Double Taxation Agreements (DTAs) between the authorities in Jersey and counterparts in Guernsey and the Isle of Man as a reflection of the Crown Dependencies’ commitment to cooperation on tax matters.
The DTAs ensure that both corporate and personal financial flows, such as business profits and dividends, and income from pensions or employment, between the jurisdictions are not taxed twice. They also reinforce Jersey’s commitment to exchanging information on request through its existing network of Tax Information Exchange Agreements (TIEAs).
The agreements were signed this week in London by Assistant Chief Minister with responsibility for External Relations for Jersey, Senator Sir Philip Bailhache, Deputy Chief Minister of Guernsey, Deputy Jonathan Le Tocq, and Treasury Minister for the Isle of Man Eddie Teare MHK.
Geoff Cook, CEO, Jersey Finance 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 DTAs as well as 29 Tax Information Exchange Agreements (TIEAs).