18 October 2012 Last updated at 09:57 ET

Jersey and Singapore sign tax information agreement

Sir Philip says the agreement will help companies avoid double taxation

Jersey's government has signed a tax exchange agreement with the Republic of Singapore.

The tax deal will help businesses and individuals in Jersey with links to Singapore avoid having to pay taxes in both places.

It is the fifth double taxation agreement the island has signed, the others being with Estonia, Hong Kong China, Malta and Qatar.

The agreement was signed at the Singapore High Commission in London.

Assistant Chief Minister Senator Sir Philip Bailhache said it would help people and companies avoid double taxation.

He said: "We see this agreement as being of major assistance to our financial services industry, and to business generally.

"It will help our people to take advantage of the many trading and investment opportunities that increasingly are to be found in the Far East, for which Singapore is an important gateway."