Following the recent States of Jersey 2010 budget speech, where Treasury Minister Senator Philip Ozouf commented on the current Review of Business Tax being undertaken by the government, Jersey Finance will be holding a forum with government and their Member Firms, on Tuesday 22nd December, to discuss the progress made so far and the ongoing strategy.
This will form part of a continuing programme of engagement and consultation between the industry and Government Departments.
Geoff Cook, CEO of Jersey Finance commented:
“Jersey Finance welcomes and fully supports the approach to the review being taken by the government and will be working closely with them and our industry to ensure that every opportunity is assessed and considered. We warmly welcome the points made by Senator Ozouf and the certainty they provide for the Finance Industry’s clients and gatekeepers.”
During his budget speech, Senator Ozouf stated:
“First I want to clarify the following; 0/10 has NOT been found to be non-compliant with the EU Code of Conduct on Business Taxation. Secondly, I understand the fundamental importance of tax neutrality to our Financial Services industry and the requirement that this be maintained; and thirdly, we have not agreed to move to a flat corporate tax rate of 10%. However, we do understand that certain EU Member States have questioned whether 0/10 could be interpreted as being outside the ‘spirit’of the Code. The international tax world is changing. Jersey is already committed to the tax ‘norms’ of non-discrimination which is why we introduced 0/10. However, we must be alert to this and understand the concerns that have been raised. The business tax review, which is an important part of our FSR, will consider all options. I repeat – nothing is ruled in and nothing is ruled out.”
Senator Ozouf also indicated that in the interest of providing stability to the financial services industry, some changes to the tax law would soon be made to create certainty for funds and underlying portfolio companies – notably a tax exemption of collective investment funds, including securitisation vehicles, in accordance with international norms. He also emphasised his commitment to ensure a level playing field for Jersey’s businesses, trust and other structures for the foreseeable future.
For further information, please contact Geoff Cook, Chief Executive, Jersey Finance Limited, on tel. +44 (0) 1534 836011 e-mail firstname.lastname@example.org Or Adam Riddell, Crystal Public Relations, on tel. +44 (0) 1534 639505 or e-mail email@example.com