Agreements with Bulgaria and Romania on the taxation of savings income.

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A decision made (04/12/2006) regarding Agreements with Bulgaria and Romania on the taxation of savings income.

Subject:	Agreements with Bulgaria and Romania on the taxation of savings income
Decision Reference:	MD-C-2006-0055		Exempt clause(s):	-
Type of Report: (oral or written)	Written		Person Giving Report (if oral):
Telephone or e-mail Meeting?			Report File ref:	Int. 9/14 (2)
Written report – Title	Agreements to be entered into with Bulgaria and Romania on the taxation of savings income
Written report – Author (name and job title)	International Finance
Decision(s): · To agree that a proposition, together with a report and text of signed agreements to be entered into with Bulgaria and Romania on the Taxation of Savings Income, should be lodged on Tuesday, 5 December 2006, and to request the States to ratify the agreements on 16 January 2007; · To agree that the draft Taxation (Agreements with European Union Members States) (Amendment) (Jersey) Regulations 200- should be lodged on 5 December 2006, for proposed debate on 16 January 2007.
Reason(s) for decision: Bulgaria and Romania are due to accede to the European Union on 1 January 2007. As a consequence Jersey is now called upon also to enter into an Agreement on the Taxation of Savings Income with each of these two countries. These Agreements are in the same terms as the Agreements entered into with the existing twenty-five EU Member States which in turn mirrored the two Model Agreements approved by the States on 22 June 2004. To bring the Agreements with Bulgaria and Romania into effect an amendment to the existing Taxation (Agreements with European Union Member States) (Amendment) (Jersey) Regulations 2005 is required. To this end the States need to make Regulations in pursuance of Article 2(1) of the Taxation (Implementation) (Jersey) (Law) 2004. Ratification by the States of the Agreements with Bulgaria and Romania is required to satisfy the relevant provisions of the 2004 Law.
Action required: · Draft Proposition, Report and text of Agreements (attached) to be forwarded to the Greffe for lodging on 5 December 2006 · Draft Taxation (Agreements with European Union Members States) (Amendment) (Jersey) Regulations 200- to be forwarded to Greffe for lodging on 5 December 2006 (and Greffe to insert relevant Projet references before publication) · Copy of Ministerial Decision to be forwarded to Greffe for publication.
Signature: Chief Minister		Date of Decision: 4 December 2006