The Jersey Chamber of Commerce has reservations about plans to introduce a new sales tax from 2007, according to a recent report by BBC Online.
Jersey is to undergo a series of tax reforms, the main emphasis of which will be a shift in the tax burden from companies to individuals as the government attempts to usher in a proposal to slash corporate tax rates to zero, in a bid to attract more financial services companies to the jurisdiction.
The sales tax, thought likely to be levied at a rate of 5%, is being opposed by the Chamber on the grounds that it will hurt the island’s retail and tourism sectors and negatively affect the local economy in general.
The Chamber accepts the inevitability of a sales tax, but fears that the additional costs that the tax will place on businesses will be passed on to consumers in the form of higher prices.
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