Jersey Finance welcomes today's announcement by the States of Jersey, that following the conclusion of the EU High Level Working Party on the 31st January, the Zero/Ten Tax Regime will remain in place. The High Level Working party did conclude they believed the personal tax provision known as "deemed distribution", was in fact a business tax measure, and was therefore within the scope of the Code of Conduct.
While Jersey does not agree with the findings, as part of its good neighbour policy, the provision will be removed from the 1st January 2012.
Geoff Cook, Chief Executive of Jersey Finance commented:
"We are pleased with today's decision, as maintaining Zero/Ten provides stability and certainty for the finance industry, safeguarding Jersey's economic future and protecting its competitive position."
For further information, please contact Mike Sunier or Adam Riddell at Crystal Public Relations on tel. +44 (0) 1534 618613 or e-mail email@example.com