Jersey’s government has confirmed that it has signed new comprehensive double tax agreements with the Isle of Man and Guernsey on January 24, 2013.

Jersey’s Assistant Chief Minister with responsibility for External Relations, Philip Bailhache commented on the agreements: “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, which have been drafted in line with the OECD’s Model Double Tax Convention, allocate taxing rights in respect of cross-border income transfers, trade and investment between the jurisdictions to ensure income is not taxed twice. In addition, they cover corporate and personal income taxes, including profits, interest, royalties, dividends, and income from employment and pensions.

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

The signing of the two new agreements total seven double tax agreements, as well as 29 Tax Information Exchange Agreements signed by Jersey.

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Published on our website on February 1, 2013