The Minister for External Relations and Financial Services signed a new Double Taxation Agreement (DTA) with the Sultanate of Oman in Muscat today.
This is the latest milestone in the Government’s enhanced focus on strengthening economic partnerships in the Gulf region, part of delivering the Time to Win strategy on securing Jersey’s competitive edge.
Senator Gorst, who was making his second official visit to Oman following his participation in the UN’s World Investment Forum in Doha, Qatar earlier this week, signed the new treaty alongside the Chairman of the Tax Authority of Oman, His Excellency Nasser bin Khamis Al Jashmi.
The Agreement is a full DTA and promises to provide greater certainty of cross-border tax treatment and preferential rates of withholding tax for individuals and companies operating between Jersey and Oman, streghtening Jersey’s close commercial and political relationship with the Gulf nation.
The DTA is the latest in Jersey’s growing treaty network in the region, following the recent entry into force of Jersey’s Double Tax Agreement with Bahrain, in addition to existing agreements with Qatar and the United Arab Emirates.
Senator Gorst commented: “I am delighted to sign the Double Taxation Agreement with the Sultanate of Oman and continue the expansion of Jersey’s treaty network in this region, which is of critical importance to Jersey’s financial services sector and indeed to the global economy.
The new treaty reflects the deep partnership between Jersey and Oman and will serve to support the many businesses that operate between us, as well as encouraging new investment to support jobs and growth in both jurisdictions.”
