Double Taxation Agreement: Ratification of Agreement between Jersey and Republic of Singapore

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A decision made on 30 November 2012:

Decision Reference: MD-C-2012-0117
Decision Summary Title :	Double Taxation Agreement (DTA) between the Government of Jersey and the Government of the Republic of Singapore		Date of Decision Summary:	30th November 2012
Decision Summary Author:	Project and Research Officer		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	n/a
Written Report Title :	Ratification of the Agreement between the Government of Jersey and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.		Date of Written Report:	23rd November 2012
Written Report Author:	Adviser – International Affairs		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Ratification of the Agreement between the Government of Jersey and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.
Decision(s): The Chief Minister agreed to lodge ‘au Greffe’ the Report and Proposition inviting the States to ratify the Double Taxation Agreement between the Government of Jersey and the Government of the Republic of Singapore.
Reason(s) for Decision: The negotiation of a tax information exchange agreement is seen as a first step in the development of a political and economic relationship with the countries concerned which in due course will lead to the signing of a full or partial double taxation agreement. However, whenever the opportunity presents itself, the preference has been to negotiate a double taxation agreement from the outset. Some jurisdictions are reluctant to enter into such an agreement with a zero tax jurisdiction because they cannot see any obvious reciprocal benefit. The Double Taxation Agreement signed between the Government of Jersey and the Government of the State of Singapore is the standard OECD agreement between countries to remove double taxation obstacles for the development of economic relations, and so facilitate exchange of goods and services and movements of capital, technology and people. It also delivers the OECD agreed international standard on tax transparency and exchange of information. The signing of the double taxation agreement with the Government of the Republic of Singapore is a significant step. Jersey is keen to develop its international business relationships, and therefore it is considered in the Island’s best interests that, through the double taxation agreement with the Government of the Republic of Singapore, Jersey will be further strengthening its international political and business relationships.
Resource Implications: There are no resource implications.
Action required: The Greffier of the States is requested to arrange for the Report and Proposition to be lodged ‘au Greffe’ for States debate at the earliest opportunity.
Signature:		Position: Senator I J Gorst, Chief Minister
Date Signed:		Date of Decision (If different from Date Signed):