Jersey Finance welcomes the recent announcement of the planned review of Jersey’s fiscal strategy.
Following the last review throughout 2001-3, which resulted in the restructuring of Jersey’s corporate tax regime under “Zero-Ten” in June 2008, every effort has been made to ensure Jersey’s conduct in tax matters is Code Compliant (as outlined by the EU Code of Conduct Working Group on Business Taxation), and does not constitute Harmful Tax competition.
However in the current climate, more scrutiny in all areas relating to financial policy and practice is to be expected. During this period Jersey’s finance industry has repeatedly demonstrated its commitment to transparency and co-operative practices as shown by the Jersey’s recent inclusion on the OECD ‘White List’ and the extremely favourable IMF review, which confirmed Jersey as the best jurisdiction with the highest standards of regulation and supervision. Jersey was also praised by the UK Government in June this year for its firm commitment to transparency and exchange of information in tax matters and has been cited by the OECD as an example for other jurisdictions to follow.
Comment from Geoff Cook, chief executive, Jersey Finance:
“This review is an opportunity for Jersey’s finance industry to demonstrate once again that it meets the highest global standards of regulatory cooperation and is a Code Compliant jurisdiction, as well as ensuring its internal tax regime remains sustainable, efficient and competitive.
While no financial centre has been immune to the current economic crisis, the Government of Jersey has maintained sound public finances and recognises the importance of Jersey’s finance industry.
Jersey’s finance industry has full confidence it operates in a fiscally stable, well-regulated and diversified jurisdiction with attractive future prospects for investors and businesses looking for reassurance in a time of uncertainty.”