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Foreign Minister Urmas Paet Signed Agreement for the Avoidance of Double Taxation Between Estonia and Jersey

22.12.2010

No. 404-E

Today in London Foreign Minister Urmas Paet and Deputy Chief Minister and Treasury and Resources Minister of the Bailiwick of Jersey Philip Ozouf signed agreements for the avoidance of double taxation and the prevention of tax evasion between Estonia and Jersey.

“The economy of the island of Jersey, which belongs to the European trade area, is primarily based on financial services, tourism, e-trade and agriculture. The agreement for the avoidance of double taxation increases co-operation opportunities between the businesses of Estonia and Jersey,” said Paet. “Another important aspect of the signing of the agreement is that it gives us an opportunity to exchange tax-related information,” he added.

The goal of an agreement against double taxation is to facilitate investments, ensure the equal treatment of individuals, and do away with double taxation, which can occur as the combined effect of the laws of two nations. Agreements for the avoidance of double taxation are concluded primarily to share the tax proceeds between the two nations and so that citizens do not need to pay the same tax in two countries. The agreement also helps to create additional opportunities for preventing tax fraud.

Estonia has concluded agreements for the avoidance of double taxation with over 40 countries. The last such agreement was concluded with South Korea.

Today Foreign MInister Urmas Paet also congratulated the long-time secretary of the London Estonian House and current board member Tiit Reigo on his 100th birthday. Tiit Reigo received the Order of the White Star V Class from the president in 2001 as a state official and preserver of Estonian culture in London.

SPOKESPERSON'S OFFICE
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