The ratification of a Double Taxation Agreement (DTA) between Jersey and Hong Kong has been welcomed by Jersey Finance as another milestone in growing business with the Far East.
The agreement, originally signed in February last year, was formally introduced into law on 28 June following the completion of all relevant regulatory and legislative procedures in both jurisdictions.
Coinciding with a visit to China and Hong Kong this week by Jersey’s Chief Minister Senator Ian Gorst, the agreement strengthens Jersey’s ability to exchange requested tax information with Hong Kong, and is expected to bring significant commercial benefits to Jersey’s finance industry, resolving issues relating to potential double taxation of both corporate and personal incomes.
Geoff Cook (pictured), chief executive, Jersey Finance, says: “The benefits of this DTA right across Jersey’s wealth management, expat banking and corporate service areas are significant. This DTA will add greatly to the reasons for investors and institutions in Hong Kong to have confidence in and choose Jersey as their preferred European financial centre to invest in Western markets. It is a major milestone of recognition between the jurisdictions, and a great achievement by all involved, in both Jersey and Hong Kong.”
Jersey Finance has had a permanent office in Hong Kong since 2009 and facilitates visits for members regularly to Hong Kong and China.