Jersey has announced that it is to propose a range of tax cuts at the next budget in December, in order to 'keep the island competitive.' The move comes just weeks after the Isle of Man announced a major package of tax cuts. Indeed, it looks as if the Isle of Man and Jersey could fall out over the issue - certainly, the recent Manx intiative has led to a cooling of relations between the two islands. 'The Isle of Man, which was formerly regarded as an ally, has opened up another battlefront,' said Frank Walker, president of Jersey's Finance and Economic Committee, who announced Jersey's proposed changes in taxation.
Senator Walker also said that Jersey will consider following any changes to prevailing international tax standards, for instance as regards the exchange of information. In an interview with the Jersey Evening Post, he said that Jersey must be recognised as a valuable and reputable neighbour of the European Union: 'We are not in the EU, nor is there any prospect of us ever being in it, but the flow of investment funds from Europe means we must be seen as co-operative and responsible, and it may mean adjusting our tax structure so that we cannot be regarded in any way as harmful.’
Walker remarked that as pressure was mounting internationally for an exchange of information on tax matters, if there was a move in international standards, then Jersey could not rule out following it. Jersey depends on business from both London and European finance centres, and Walker said that it was imperative that this business continued: ‘I think there is a perception that we have been a problem for Europe. That perception is changing, and will change further so we do not have the constant hassle with the EU or other bodies and are seen as a good neighbour. There is no question, whatever we do, of giving in to pressure from the UK or anywhere else. We will take our own decisions. It may be that it involves changing the tax structure in some way so it is more generally in tune with international standards.'
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