Jersey and Oman have signed an agreement to strengthen their economic partnerships in the Gulf region, part of the Crown Dependency’s Time to Win strategy.
The minister for external relations and financial services – Senator Gorst – signed the Double Taxation Agreement (DTA) with the Sultanate of Oman in Muscat yesterday (28 October).
By signing the agreement, the two parties promise to provide greater certainty of cross-border tax treatment and preferential rates of withholding tax for individuals and companies operating between Jersey and Oman, strengthening Jersey’s close commercial and political relationship with the Gulf nation.
Jersey already has DTAs with Bahrain, Qatar and the United Arab Emirates.
Senator Gorst commented: “I am delighted to sign the Double Taxation Agreement with the Sultanate of Oman and continue the expansion of Jersey’s treaty network in this region, which is of critical importance to Jersey’s financial services sector and indeed to the global economy.
“The new treaty reflects the deep partnership between Jersey and Oman and will serve to support the many businesses that operate between us, as well as encouraging new investment to support jobs and growth in both jurisdictions.”
Joe Moynihan, CEO of Jersey Finance, added: “Oman has been an important market for our financial services business for many years. This DTA significantly strengthens our strategic relationship and provides a platform for greater two-way investment flows which will benefit both jurisdictions.”
