Jersey and India fail to sign planned TIEA

21 March 2011

Last Friday's planned signing of a tax information exchange agreement between Jersey and India was  postponed for reasons unknown.

The signing ceremony has been in preparation for months, being the highlight of a Jersey trade mission to Mumbai and Delhi. It was to be conducted by Jersey's treasury minister, Philip Ozouf, and India's revenue minister Shri Palanimanickam.

But according to a report in the Jersey Evening Post, some unnamed Indian officials were "not happy" with the text of the document, and are insisting that it be re-drafted.

Senator Ozouf declined to comment, but a statement from Jersey Finance said the delay in signing a TIEA "will not have an impact on business flows between Jersey and India or planned future growth."

"We have every confidence that the agreement will soon be in place", said Jersey Finance chief executive Geoff Cook.

• During the same trade delegation, Jersey Finance established a representative office in Mumbai staffed by a dedicated business development team. The team is led by Sean Costello who will also oversee Jersey Finance's new operations in Abu Dhabi, opened this month.

Sources

Jersey Evening Post

International Adviser

Jersey Finance