Jersey Finance Welcomes Tax Commitment

by Amanda Banks, Tax-News.com, London

28 October 2010

Jersey Finance on October 26 welcomed the announcement by the island's Treasury Minister, Phillip Ozouf that the government intends to back a proposal by the Council of Ministers to retain the island's personal income tax rate at 20%.

Setting out his budget proposals, Treasury and Resources Minister, Senator Philip Ozouf said that Ministers wanted the States of Jersey Assembly to send out a powerful message that it would maintain the 20% rate, describing it as one of Jersey’s key elements of stability and economic success for more than 60 years.

Geoff Cook, Chief Executive, Jersey Finance Limited, welcoming Ozouf's statement, said:

“The Council of Ministers’ proposal provides the reassurance and certainty that investors need and will be particularly welcome to those finance professionals that might be considering relocating to Jersey. There had been some unfounded speculation that the Council was considering increases in personal taxation, but this announcement is quite clear in that regard.”

The 20% rate, which has remained constant since the conception of Jersey's financial services industry, is to be maintained at least until 2013, according to the text of the budget document.

The budget proposals, as detailed by Ozouf on October 25, will be tabled in the the island's legislative body, the States Assembly on December 7.

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