Lawandtax-news.com favicon LAWANDTAX-NEWS.COM
HOME | CONTACT | RECRUITMENT | ABOUT | LEGAL     
   NETWORK SITES:
   LOWTAX   
   TAX-NEWS   
  PBTG  
   
incorporatebelize.com Belize Offshore Companies

from the Source

Belize Company
formation Fees

IBC Shelf-list

Country Home Pages

Australia
Bahamas
Barbados
Bermuda
British Virgin Islands
Canada
Cyprus
Dubai
Gibraltar
Guernsey
Hong Kong
Isle of Man
Ireland
Jersey
Labuan
Liechtenstein
Luxembourg
South Africa
UK
US

Daily Tax Quote

New On The Lowtax Network Today

This feed is published daily with selected new or updated content from across the Lowtax Network. For a list of Lowtax Network sites, many of which feature daily news, see below.

 
TODAY 11/03: Estonia Summary PBTG Guide, added to Personal Business Tax Guide
10/03 Lowtax Labuan, annual update
09/03 Word Search Puzzle, on Lowtax
08/03 Jobs For All, Jeremy Hetherington-Gore blog
05/03 Belgium Summary PBTG Guide, added to Personal Business Tax Guide
04/03 New Lowtax Editor Column, by Kitty Miv
03/03 Personal Business Tax Guide, PBTG, has launched!
Providing essential tax news and information for globally mobile artists, contractors, entrepreneurs, professionals, small businesses, sportspersons and entertainers.
02/03 Personal Equity Investment In 2010: Not Just For Expats…, Investors Offshore special feature
24/02 Lowtax Cyprus, annual update
22/02 Lowtax Brunei, annual update
17/02 Dubai - A Stately Business Dome Decreed, Investors Offshore special feature
15/02 Lowtax Australia, major content expansion
27/01 Lowtax Germany, major content expansion
 

 
Lowtax Network Sites
Lowtax Portal: 'Low-tax' business and investment in the top 50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day.
Investors Offshore: The independent offshore and alternative investment guide for expatriates and the globally aware investor.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of the web's largest and most authoritative business and investment information sources.
US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
NEW! Personal Business Tax Guide: Providing essential tax news and information on business for contractors, entrepreneurs, professionals, small businesses, artists, sportspersons and entertainers.
 
JERSEY
LINKS IN THIS SECTION
DOUBLE TAX TREATIES
OTHER AGREEMENTS
RELATED INFORMATION

International Agreements

As a matter of policy Jersey does not normally enter tax treaties. However, double taxation agreements exist with the United Kingdom and Guernsey, and a limited agreement with France exempting a resident of either country from tax in the other country on profits from shipping and air transport.


Double Tax Treaties

The UK and Guernsey treaties do not conform to the OECD standard model treaty. Their main features are as follows:

  1. the profits derived from an industrial or commercial enterprise in one country will not be taxed in the other country except to the extent that they are attributable to a permanent establishment;
  2. profits of shipping or air transport attributable to a resident of either country are not taxed in the other country, regardless of 1.
  3. an individual resident in only one of the two countries is exempt from tax in the other country on personal, including professional services performed in the other country on behalf of a resident of his own country (but they must be taxed in his own country)
  4. if despite the above, tax is payable in both countries, the tax paid in one country is allowed as a credit against tax due in the other. However as far as Jersey is concerned allowance for tax paid is only up to 20% of the taxable income in the other country, i.e the Jersey rate of tax is applied to, say, UK taxable income rather than the amount actually levied by the UK Inland Revenue. This means that there is effectively only a partial double taxation agreement between Jersey and the UK.
The agreement with the United Kingdom specifically excludes dividends and debenture interest from its provisions.

International Business Companies are not entitled to the benefits of the UK double tax treaty.

BACK TO TOP


Other Agreements

It became clear in May 2002 that Jersey, along with its fellow UK dependent territories Guernsey and the Isle of Man, would agree to be part of the EU's information-sharing regime, whereby financial institutions are obliged to pass details of income on investments by nationals of EU member states to their home tax administrations. The EU began information-sharing in 2005, and after some hesitation, Jersey decided to opt for a withholding tax on the Swiss model. This withholding tax became effective from July 1, 2005 at an initial rate of 15%. Jersey's Comptroller of Income Tax reported in mid-2006 that GBP13 million has been collected in withholding tax revenues from bank deposits in the first six months of the directive.

In November, 2002, Jersey signed a Memorandum of Understanding (MoU) with the Gulf state of Bahrain, designed to facilitate cooperation between the two countries on issues such as applications for licences from financial institutions, and the investigation of irregularities.

In October 2003, the Jersey Financial Services Commission announced that Jersey had signed a Memorandum of Understanding (MoU) with the International Organisation of Securities Commissions (IOSCO). The MoU is designed to combat securities and derivatives violations. It obliges signatories to share information about the illegal use of their securities and derivatives markets with each other. In signing up to the MoU, Jersey joins another 24 members. However, according to the JFSC, the island is one of the first offshore finance centres to join. "By signing this memorandum with IOSCO, Jersey reinforces its status as a leading international financial centre and gives international investors greater confidence in the island," JFSC compliance director, John Pallot explained.

In 2006, the JFSC signed Memoranda of Understanding with the regulators in Dubai, Qatar the Netherlands and the Cayman Islands. These agreements have formalised arrangements for cooperation and information sharing between the regulators and facilitated the enforcement of, and compliance with, the laws of their respective jurisdictions in a bid to help protect investors and depositors and to promote the integrity of financial services markets in the two jurisdictions.

The Jersey Financial Services Commission and the Cyprus Securities and Exchange Commission signed a memorandum of understanding in February 2007 that will further co-operation between the two regulatory bodies.

The JFSC signed a Memorandum of Understanding in April 2007 with two other authorities: the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Irish Financial Services Regulatory Authority (IFSRA).

The JFSC and the British Virgin Islands Financial Services Commission have signed a memorandum of understanding in August 2007.This establishes a formal basis for co-operation, including the exchange of information and investigative assistance.

BACK TO TOP

LINKS IN THIS SECTION
DOUBLE TAX TREATIES
OTHER AGREEMENTS
RELATED INFORMATION

 

THE LOWTAX LIBRARY

One of the web's largest and most authoritative business and investment information sources. Alongside topical, daily news on worldwide tax developments, you can receive weekly newswires or access up-to-date intelligence reports on a range of legal, tax and investment subjects.

FREE TRIAL NEWS SUBSCRIPTION

Our 16 constantly updated intelligence reports cover every important aspect of 'offshore' and international tax-planning in depth, including banking secrecy, the EU's savings tax directive, offshore funds, e-commerce, offshore gaming and transfer pricing. Reports are available for immediate downloading or as subscription services with news pages.

Advertising & Marketing

With over 50,000 qualified readers every month our web-sites offer a number of cost effective, targeted advertising, sponsorship and marketing opportunities:

Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings

Click here to learn more or contact Peter Wiggins on +44 (0)1424 813852 or email him at peter@lowtax.net

News & Content Solutions

Could your corporate web-site or newsletter benefit from incorporating regularly updated news and content tailored to serve your clients' interests? We can provide a variety of maintenance-free news and content solutions that can be seamlessly integrated and dynamically delivered:

Customised, personalised 'own-brand' news services
Newsletter content and management
News Headlines Tickers

Click here to learn more or contact Peter Wiggins on +44 (0)1424 813852 or email him at peter@lowtax.net

IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact us for further information.