The Chief Minister, Senator Terry Le Sueur has issued the following statement about the zero-ten tax regime:

“Following the ongoing Review of our Business Tax Regime, the Treasury Minister proposed, and the States then agreed, legislative amendments which aimed to remove elements of our legislation that were considered harmful by the Code Group.

“At its meeting yesterday, 13 September, which was attended by Jersey officials, I am pleased to report the Code of Conduct Group accepted that our rollback proposal would remove the harmfulness of our regime. This has to be ratified by ECOFIN in December at the end of the Polish Presidency.

“This is excellent news for Jersey, and vindicates the consistent stance maintained by the Treasury Minister and myself over a long period.

“We must not underestimate the assistance of Senator Cohen, Assistant Chief Minister for External Relations, who has been invaluable in communicating the Island’s position with UK.

“I would like to thank our Advisor on International Affairs and the Director of Tax Policy who both presented the Island’s case at the Code Group and have supported Ministers over many months.

“In these challenging times it is good to be able to present Members with some very positive news which should serve to significantly strengthen confidence in our Island’s future.”