Tax treaty to bolster investment and support jobs

An agreement has been reached between Jersey and Oman to avoid the double taxation of the same income, encourage new investment and support jobs, officials have said.

The island's government said the Minister for External Relations and Financial Services, Senator Ian Gorst signed the treaty with the Sultanate of Oman in Muscat on Wednesday.

It said the Double Taxation Agreement (DTA) promised greater legal certainty on taxation between the two jurisdictions.

Gorst said the island's expanding treaty network in the region was of "critical importance to Jersey's financial services sector and indeed to the global economy".

Gorst signed the new treaty alongside the chairman of the tax authority of Oman, His Excellency Nasser bin Khamis Al Jashmi.

"The new treaty reflects the deep partnership between Jersey and Oman and will serve to support the many businesses that operate between us," Gorst said.

Joe Moynihan, CEO of Jersey Finance, added: "This DTA significantly strengthens our strategic relationship and provides a platform for greater two-way investment flows which will benefit both jurisdictions."

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