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| Jersey To Negotiate Tax Agreement With India |
by Jason Gorringe, Tax-News.com, London
Thursday, November 26, 2009
On returning from India, Jersey’s Treasury Minister Phillip Ozouf has
announced that the two sides have agreed that work should commence to conclude
a tax agreement to boost economic ties.
Alongside discussions on signing a comprehensive double tax agreement, which will likely include tax information exchange protocols, the two countries agreed upon setting up a formal
system of briefings, to keep the Indian government informed about Jersey’s
developing relationships with Indian businesses.
Ozouf stated: “We are expecting significant trade flows to come out of
a series of meetings we held with leading business people, and we have agreed
to keep government officials informed as part of our developing relationship.”
“I am now convinced that if we are to make significant progress in this
important emerging market, we need to have permanent representation in India.
There is enough good quality business there which will provide investment in
Jersey and enhance opportunities for Jersey firms to expand using Indian technical
specialists."
He continued: "I will be discussing this possibility with the Chief Minister,
the Economic Development Minister and with Jersey Finance.”
“There has been strong media coverage of our visit to India, and it was
a very useful trip. There was a good response to our business and ministry briefings;
we now need to move ahead with negotiating a tax agreement and I will certainly
be discussing the resource implications of opening an office in India with my
colleagues.”
Mr Ozouf concluded: “Jersey is well placed to provide Indian businesses with a key gateway
to European capital markets. We can help Indian firms with their corporate finance
structuring and to obtain a listing on the London Stock Exchanges, but we need
people on the ground to raise awareness so that Jersey is the first choice in
a highly competitive market.”
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