In a public consultation being released today (5 August 2011), businesses are being asked for their views on the International Services Entities (ISE) regime.
The ISE regime was introduced in parallel to GST to raise revenue from the financial services industry. Businesses which meet certain conditions can become an ISE if they pay an annual fee. The fee varies depending on the type of business.
Now that the ISE regime has been in place for three years, the Minister for Treasury and Resources has launched a consultation to review whether it is considered fit for purpose, to identify any problems and to get views on how it can be improved. The consultation will also ask questions on:
• achieving greater equity between the ISE fees charged
• reducing the compliance burden associated with ISEs
• raising £1million additional revenue from ISEs
In last year’s budget statement, Minister for Treasury and Resources, Senator Philip Ozouf, made a commitment to consult on ISEs. Referring to the consultation, Senator Ozouf said: "The International Services Entity regime is a concept which is unique to Jersey. Having been in place for three years, I believe now is the right time to ask the business community to reflect on whether it has been successful and what, if any, changes should be made.
“We are also seeking to improve the structure of the fees charged while ensuring that ISEs are contributing the expected amount of revenue to States finances. Businesses views on these matters will help shape the future of the ISE regime in a way which helps our financial services industry to compete and grow."
The deadline for responses to the consultation is 5pm on Friday 16 September. For more information, visit www.gov.je/consult.
Notes to Editors:
For further information, please contact Paul Eastwood, Deputy Director Tax Policy on 440578 (or Senator Philip Ozouf on 07797 713838).