THE way has been paved for a double taxation agreement between Jersey and the Nordic countries.
The Island is about to establish a Tax Information Exchange Agreement with Finland, Sweden, Norway, Denmark, the Faroe Islands, Greenland and Iceland, and those countries have also agreed in principle to explore the possibility of establishing double taxation arrangements with the Island.
The Island signed a similar agreement at the end of last year with the Netherlands, recognising Jersey’s commitment to comply with international standards on anti-money laundering but also including the parameter of future negotiations to remove ‘undesired tax barriers and other obstacles of a discriminatory nature’.
Double tax agreements would open up those countries to doing business with Jersey because they would no longer be required to pay tax twice, in both their own countries and in the Island. Martin de Forest Brown, director of international finance at the Chief Minister’s office (pictured), said: ‘We already have a similar understanding with the Netherlands and it was felt that we should have the same understanding with the Nordic countries, to come back to the table at a future date.’
Article posted on 3rd June, 2008 - 3.00pm
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