EXTERNAL Relations officials are working to expand the Island’s network of double taxation agreements.
“Ongoing” efforts to grow Jersey’s list of DTA arrangements were discussed during a recent hearing of the Economic and International Affairs Scrutiny Panel.
DTAs are intended to provide “certainty of treatment” in relation to cross-border trade and investment, while helping to determine the tax residency status of individuals or companies and avoid the same income being taxed in two countries.
External Relations director Tom Le Feuvre said that a new agreement had been ratified with Bahrain in June and that one was also being signed with Oman.
He added: “Negotiations are ongoing with Kuwait. We have just come back from Botswana where we negotiated a DTA. So the programme is advancing. It’s in line with our market objectives.”
Mr Le Feuvre noted that, while jurisdictions where Jersey had “the strongest footprint” were prioritised, it was “also fair to say we try to keep an open mind”.
He continued: “Provided the target country fits the OECD model convention and our model treaty, the more that Jersey can strike agreements with sovereign jurisdictions around the world and expand its treaty network, every time we do that, I think it adds to Jersey’s reputation, substance and standing in the world.
“We are working as hard as we can to expand that network and we will continue to put resources into it, alongside all of the other things that we have to try and do.”
