The Jersey government has released its long-awaited consultation document, prepared in cooperation with neighbouring Guernsey, as part of the EU Code of Conduct Business Taxation Group's review of its 0/10% corporate tax regime.
Announcing the release of the consultation, Jersey Treasury Minister, Phillip Ozouf, said:
“This consultation document sets out the background to, and reasons behind, this review of business taxation, as well as the principles that should determine Jersey’s corporate tax regime."
“It focuses on technical aspects of corporate tax and sets out possible alternative structures that could be considered. I would like to know what islanders think the impact of any changes would be on Jersey as a place in which to do business.”
“International views on tax are changing and Jersey needs to be ready to respond. But it will only do so having properly considered the impact on the Island’s economy and only then if it is in the Island’s best interest."
“When zero ten was introduced the island lost a significant amount of corporate tax revenue. This review will investigate whether an alternative regime can be identified which taxes more companies with business activities based in Jersey, to replace some of that revenue."
“There is no presumption that any specific one of the alternatives set out in the consultation document will be adopted and this is an open consultative process.”
In the consultation document, Jersey has underlined seven objectives for the new Corporate Income Tax regime, that it must be: compliant with international standards; competitive; tax neutral; provide an appropriate revenue contribution; sustainable; simple; and provide businesses with certainty.
As part of an investigation by experts in international tax law, five proposed structures for Jersey's forthcoming tax regime have been offered:
The government's consultation is open for comment until August 30, 2010.
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