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Jersey signs double tax agreement with UAE

Jersey has signed a double tax agreement (DTA) with the United Arab Emirates in a bid strengthen trade links between the two countries, it has been revealed.

Jersey signs double tax agreement with UAE

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The agreement was signed on Wednesday in Dubai during a meeting between Jersey senator Ian Gorst and UAE finance minister Obaid Humaid Al Tayer.

Gorst said the new tax arrangement will “strengthen the extremely good relationship” Jersey has with the Emirati government.

Meanwhile, Al Tayer 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 news comes just days after Al Tayer signed a similar DTA with the UK. 

The agreement is the latest partnership between the two international financial centres after years of lobbying by Jersey’s government. The crown dependency’s regulator Jersey Finance set up a regional office in the gulf state in March 2011.

In February, the Jersey Financial Services Commission (JFSC) signed a landmark memorandum of understanding (MoU) with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

The MoU puts into place a formal mechanism that will enable the regulatory authorities to co-operate on supervisory matters and exchanges of information to maintain the stability and well-being of the financial systems in each respective capital market. 

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