Jersey Outlines Tax Changes in Business Plan

by Robert Lee, Tax-News.com, London

08 January 2009

The Jersey government has released its 2009 Business Plan, which looks at forthcoming proposals, initiatives and projects in the coming year, which include some important changes in the area of taxation.

Introducing the Business Plan, Jersey Treasurer Ian Black said the 2009 Business Plan contains a raft of initiatives to further enhance financial management in the states including the introduction of GAAP (Generally Accepted Accounting Principles).

“We will also be implementing ‘20 means 20’ and the Land Transactions Tax and researching and bringing forward proposals for environmental taxes and changes to stamp duty," he explained, adding:

“In addition, the Treasury will progress further efficiency savings including GBP1.9m from improved procurement, and savings in property from concentrating States administration into fewer locations and more efficient use of office space.”

“We will be issuing a new set of Jersey currency notes, implementing an integrated human resources and payroll system, and entering into Tax Information Exchange Agreements with a number of countries.”

“All of this will be in addition to our day to day responsibilities of assessing and collecting GBP530m of income tax and GST, paying all States bills and employees, accounting for all expenditure, producing the annual budget, maintaining States properties, and managing over GBP1.5bn in investments.”

“This huge range of functions is undertaken by a relatively small team committed to providing excellent services to the people of Jersey, as efficiently as possible.”

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