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2.12 Deputy R.G. Le Hérissier of the Minister for Treasury and Resources regarding Double Taxation Agreements with France and Canada:
A question for which I have a partial interest. Does the Minister propose to negotiate double taxation agreements with France and Canada and if so, when?
Senator P.F.C. Ozouf (The Minister for Treasury and Resources):
The Treasury's preference is for double tax agreements, D.T.A.s, but the difficulty is that O.E. C.D . (Organisation for Economic Co-operation and Development) member jurisdictions such as Canada and France are generally not prepared to negotiate such agreements with the international department because we are a zero tax or low tax jurisdiction. Jersey therefore has unfortunately not been able to persuade Canada or France to engage in the negotiation of a D.T.A. and there is no sign of their position changing. However, I would point out, of course, that there were some elements of the agreement reached with France which did, of course, have some benefits to homeowners from Jersey on a reciprocal basis. But I am afraid there is no solution to the Deputy 's issue, I suspect, from a previous employment, in relation to Canada.
2.12.1 Deputy T.M. Pitman:
Does the Minister not agree with me that, regardless of what he has said, now that France have made the very wise and informed decision to swing to the left, that this might be a little bit easier to progress?
Senator P.F.C. Ozouf :
Perhaps the Chief Minister or the Minister for External Affairs may be more appropriate to comment on that than me. I have no doubt at all that we have to continue to make strong representations to France about just how well our Tax Information Exchange Agreement is working. I think that we have got the President of the Finance Committee Senate coming back and I think we have got visits with France. I know the Assistant Chief Minister was in France with other colleagues on Friday. Of course, we need to continue to represent what good standards Jersey has - and what excellent Jersey standards has compared with some other offshore jurisdictions - and yes, we have got a big job of work ahead in creating the appropriate knowledge within the French Senate, within the Assemblée Nationale and within the presidential palace, of the standards that Jersey has.
[11:00]