Dubai: The UAE on Wednesday signed an agreement to avoid double taxation on income with Jersey, at its premises in Dubai.

The agreement, known as a Double Taxation Agreement (DTA) falls in line with the Ministry of Finance’s belief in the importance of strengthening its network of international relations with regards to the avoidance of double taxation on income. The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Jersey’s Chief Minister, Senator Ian Gorst.

It is the latest in a series of agreements between Jersey and the UAE on financial issues. The Financial Jersey regional office was established in Dubai in March 2011.

Besides the growing relationship between the UAE and Jersey in financial services, the island recently began exporting foodstuffs to the UAE, including its well-known ‘Jersey Royal’ potatoes and oysters.