Jersey's Comptroller Of Income Tax Says Future Bright For Finance Industry

by Jason Gorringe, Tax-News.com, London

22 January 2003

Speaking at a meeting of the Jersey Life Insurance Association on Friday, Comptroller of Income Tax, Malcolm Campbell predicted that the future is bright for the jurisdiction's finance industry, according to the Jersey Evening Post.

'It looks bright and prosperous,' he told those attending the meeting, adding: 'There is no reason why it should not be. We have first-class professionals here and a first class infrastructure.'

However, the JEP reported that despite Mr Campbell's upbeat message, he stressed that there is no room for complacency, and that in his view, it is necessary to enact certain tax changes in order to safeguard the future of the Island's finance industry, including the introduction of a zero rate of corporation tax in order to ensure Jersey's competitiveness on an international scale.

'During his speech, Mr Campbell also spoke about the possible introduction of PAYE and the contentious suject of the possible abolition or restriction of interest tax relief,' the local newspaper revealed. However, Mr Campbell reportedly made it clear that the ultimate decision over the imposition of such tax measures lies with the States authorities.

Recommended