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Jersey has announced conservative measures intended to maintain a stable tax system and a low rate on personal income in its draft 2015 fiscal budget. This year's budget debate will move from December to September in advance of the island's general election in October.
The key features of the draft budget include:
In addition to these measures, the Budget report also contains proposals which aim to modernize and simplify the tax system. Among those proposals are changes to the tax rules applying to pensions. These follow a comprehensive consultation and will provide greater flexibility for pension savers and give islanders greater confidence in their future pension provision. A wide-ranging public consultation on property tax has also been launched alongside this budget. The consultation will be open until the end of the year and will gather islanders' opinions on how a property tax system should work in Jersey.
Philip Ozouf, Jersey's Treasury and Resources Minister, said: "The measures that we are proposing for 2015 are not dramatic. They have been designed to promote stability, encourage further economic recovery, and protect our strong financial position."
"We have taken account of the latest forecasts and taken prudent measures to ensure that we can balance the books."
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