21 April 2016
The Government of Jersey has signed a double tax agreement (DTA) with the United Arab Emirates in Dubai. The DTA was signed for Jersey by Senator Ian Gorst, Chief Minister, and for the United Arab Emirates by Obaid Humaid Al Tayer, Minister of State for Financial Affairs.
Senator 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."
Minister Al Tayer highlighted the importance of the agreement in enhancing economic and financial cooperation between the two countries. He added "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. The Jersey Finance regional office was established in the UAE in March 2011, and earlier this year, 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.
Besides the growing relationship between the UAE and Jersey in financial services, the Island has recently begun exporting foodstuffs to the Emirates, including Jersey Royals and oysters.