Offshore News: April 2008

15.04.2008 It was announced by the Government of Belize on April 10 that two important Memoranda of Understanding have been signed by the offshore jurisdiction recently. On March 27, 2008, Hon. Rene Montero, Minister of Agriculture, signed 2 Memoranda of Understanding in Spain. The 1st Memorandum of Understanding was signed between the Government of Spain and Organización del Sector Pesquero y Acuícola del Istmo Centroamericano (OSPESCA). The 2nd Memorandum was signed between the Government of Spain and the Government of Belize to formalize the interest by Spain for providing assistance to Belize outside OSPESCA.

05.04.2008 On April 4, 2008, the Deputy Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, issued a decree ratifying a Double Taxation Avoidance Agreement between Qatar and the Seychelles. In July 2006, the agreement was signed by representatives of the Seychelles and Qatari governments. The document allows investments made in any of the two jurisdictions from the other one to qualify for tax breaks on dividends and royalty payments.

02.04.2008 In March 2008, Tax Information Exchange Agreement signed by Jersey and Netherlands came into force. Last year 2 agreements were signed by Jersey and Netherlands. On 20 June, 2007, the two sides signed the agreement for the exchange of information regarding tax matters and the agreement on the access to mutual agreements procedures regarding the adjustment of profits of associated enterprises and the application of the Netherlands participation exemption. Both documents came into force on March 1, 2008.