Jersey Fiscal Strategy Document Delayed Over EU Savings Tax Dispute

by Jason Gorringe, Tax-News.com, London

25 April 2002

Speaking on Tuesday, Vice-President of Jersey's Policy and Resources Committee, Senator Frank Walker, revealed that the release of a new fiscal strategy consultation document is likely to be delayed by up to four weeks as a result of recent developments over the EU savings tax directive.

The consultation document was due to be published today, but following an ultimatum on the directive from UK Paymaster General, Dawn Primarolo last week, the implications of any action (or inaction) on the issue must be thoroughly considered.

'To produce any sort of fiscal strategy consultative document now following the events of the last ten days would be totally unacceptable without taking full account of those events,' Senator Walker explained earlier this week.

Speaking to States Members, the Policy and Resources VP hinted that although Jersey will continue to safeguard its own economic position in the face of EU and UK pressure, fundamental changes to the jurisdiction's tax structure may be necessary.

The Senator played his cards close to his chest, however, declining to elaborate on this statement, and revealing that Members will be informed of further developments subject to 'judgement and discretion', given the sensitivity of the situation.

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