Last Monday, representatives of the governments of Jersey, Guernsey and the Isle of Man signed the new agreements that significantly improve and modernise the Crown Dependencies` DTAs with Britain. These DTAs comply with new international tax standards, which are largely in line with the OECD Model Tax Agreement, and cover several of the Base Erosion and Profit Shifting (beps) measures. A list of countries that have comprehensive double taxation agreements with jersey DTAs protects Jersey`s tax rights and protects against attempted tax evasion or tax evasion. They also allow Jersey to exchange information with the tax authorities of other countries. Jersey has about 10 full DTAs with other countries and 12 partial double taxation treaties. Negotiations are under way with a number of other countries and this figure is therefore expected to increase. “There are two very important reasons why a new DBA is needed. Firstly, the prevention of double taxation is of great importance, given the close business and individual relations between Jersey and the United Kingdom. I assume that this relationship will be further strengthened by the withdrawal of the UK from the EU. Secondly, in concluding this agreement, we underline our full commitment to respect the international tax standards set by the OECD.
On both counts, the Government of Jersey is pleased with the outcome of the negotiations on the new DBA and I would like to pay tribute to the British tax officers for the constructive, positive and useful cooperation we have enjoyed. » Double taxation treaties are agreements between two countries: Home > Article > The new Double Taxation Convention (DBA) with the UK enters into force In response to growing demands from the OECD and its member governments for greater tax transparency, Jersey is nevertheless striving to promote the image of a prestigious international financial centre and has begun to sign more tax treaties. Agreement on the Exchange of Tax Information and other international agreements. There are also mutual agreement procedures in which a taxpayer considers that the actions of one or both territories give rise to a tax result that does not comply with the DBA. The tax authorities will endeavour to resolve this issue through mutual agreement and consultation. In the absence of such an agreement, the taxable person may request that the case be submitted to arbitration, the outcome of which would be binding on both territories. The new double taxation agreements with Great Britain have been saved these agreements, with the exception of the agreements with the United Kingdom and Guernsey, following the model of the OECD. They all make it possible to limit the double taxation of income and to exchange information on request. As early as the 1950s, the original double taxation agreements (“DTAs”) between the United Kingdom and the Crown Dependencies came into force and have remained broadly the same ever since. Guernsey has signed Tax Information Exchange Agreements (TIEAs) with 60 jurisdictions and comprehensive double taxation agreements (DTAs) with Cyprus, Hong Kong, the Isle of Man, Jersey, Liechtenstein, Luxembourg, Malta, Mauritius, Monaco, Qatar, Seychelles, Singapore and the United Kingdom. Taxes paid in these jurisdictions, with the exception of those paid on dividends or interest on bonds, are permitted as an account of Guernsey income tax payable. MP St. “While the previous double taxation agreement with the UK has provided good services to both parties for over 60 years, it was important to negotiate a new agreement reflecting changes in international taxation since the 1950s and the island`s obligation to comply with international tax standards, including the latest BEPS standards.
By the OECD. For many years, Jersey did not enter into tax treaties for political reasons. .