Jersey Finance has welcomed the news that the European Union’s Council of Ministers has given its final approval to Jersey’s business tax regime.

The approval was given by Ministers in Brussels this week (19th December), after the EU Code of Conduct Group had accepted Jersey’s moves to remove certain deemed distribution and attribution elements to the ‘zero-ten’ regime in September, in order to fully satisfy the Code’s criteria.

Geoff Cook, Chief Executive, Jersey Finance, said:

“Whilst it was something of a formality for EU Ministers to approve the zero-ten regime following the Code Group’s approval in the Autumn, it is nonetheless fantastic news for Jersey’s finance industry that we now have absolute clarity and certainty for its long-term future.

“We have maintained throughout, with the support of the UK Coalition government, that zero-ten remains a sustainable tax regime for Jersey and its finance industry. It is a strong, stable and competitive regime that is easily understood by service providers and their clients. This clear and final approval will give firms even greater confidence in Jersey as a robust and attractive jurisdiction in which to do business and reinforce our position as a leading international finance centre.”