Jersey signs tax agreement with Cyprus

Added 13th July 2016

Jersey is keen to sign more double taxation agreements (DTA) having signed its latest such accord with the Republic of Cyprus on Monday.

Jersey signs tax agreement with Cyprus

The DTA is the standard OECD agreement between countries to remove double taxation obstacles for the development of economic relations.

It also delivers the OECD-agreed international standard on tax transparency and exchange of information and prevents fiscal evasion with respect to taxes on income.

Long standing commitment

The DTA was signed in London by the Jersey’s minister for external relations, senator Philip Bailhache, and by the Euripides Evriviades, high commissioner for the Republic of Cyprus.

Bailhache said: “The signing of the DTA with Cyprus continues Jersey’s firm and longstanding commitment to the international standards of transparency and information exchange.

“Jersey also pursues a good neighbour policy in relation to the European Union and we are therefore delighted that, with the signing of this DTA, we will be further strengthening our political and business relationships with an EU member state. The signing of a DTA with Cyprus is particularly welcome because we have a great deal in common as international finance centres.”

Brexit

The UK’s vote to leave the European Union on 23 June cast something of a shadow on the crown dependencies whose legal and trading relationship with the EU is defined by Protocol 3 of the UK’s 1972 Treaty of Accession.

Under the agreement, the islands sit outside the EU for most purposes; neither contributing funds to nor receiving funds from the bloc.

Financial services, however, remains outside the scope of Protocol 3 with the islands having to establish third country agreements with EU members.  

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About Author

Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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