Jersey, UAE Sign Double Tax Agreement
by Jason Gorringe, Lowtax.net, London
22 April, 2016
Jersey and the United Arab Emirates have signed a double tax agreement (DTA) in Dubai.
The DTA was signed by Jersey's Chief Minister, Ian Gorst, and the UAE's Minister of State for Financial Affairs, Obaid Humaid Al Tayer.
Gorst said: "The signing of the DTA will further strengthen the extremely good relationship we have with the Emirati Government. I am delighted to have been able to sign the agreement in the Emirates and to have had the opportunity to personally convey to the Minister the importance we attach to our commitment to a future relationship which we believe will be to our mutual advantage."
Al Tayer highlighted the importance of the agreement in enhancing economic and financial cooperation between the two countries. He said: "The Ministry works hard on coordinating and cooperating with all financial legislative authorities across the globe to establish a legal framework through agreements on the avoidance of double taxation on income, in order to establish cooperation with tax legislations, curb the evasion of income tax, as well as providing full protection to companies and individuals from direct or indirect double taxation."
The DTA is the latest in a series of agreements between Jersey and the UAE on financial issues. Jersey Finance, which promotes Jersey as an international financial center, established a regional office in the UAE in March 2011, and earlier this year Jersey's financial services regulator, the Jersey Financial Services Commission, signed a memorandum of understanding (MoU) with the Financial Services Regulatory Authority of the Abu Dhabi Global Market, laying out a framework for future collaboration.
Other MoUs between the Commission and UAE bodies include agreements with the Dubai Financial Services Authority in 2006, the UAE Central Bank in 2011, and the Emirates Securities and Commodities Authority in 2014.
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