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Jersey Announces Tax Amnesty

by Jason Gorringe,, London

06 April 2017

Jersey has launched a tax amnesty for prior unpaid taxes that will be offered until the end of 2017.

This means islanders will be able to tell Jersey's Taxes Office if they've made a mistake, or failed to declare income on their tax return, without having to pay penalties.

An online form will be available for people to correct any past mistakes with income tax or GST returns. If a disclosure is made, the tax owed will still need to be paid, but the Comptroller of Taxes will not apply any penalties or interest, and criminal proceedings will generally not be instigated. A 10 percent late payment surcharge may be applied if it is chargeable by law.

Minister for Treasury and Resources Alan Maclean said: "The disclosure opportunity will allow individuals and businesses to come forward and make a voluntary disclosure of any errors in their tax affairs. This includes anyone who has deliberately omitted income from their tax returns, or who has made a claim for allowances they weren't entitled to."

Comptroller of Taxes Richard Summersgill said: "Now is the time to make a voluntary disclosure. We'll soon be receiving data from local banks and, from September 2017, we will start receiving financial information from more than 50 countries under the Common Reporting Standard. The Minister for Treasury and Resources will also be asking the States Assembly to introduce tougher penalties in January 2018 for those few who choose not to comply with their tax obligations."

Further details on the terms and conditions of the tax amnesty, including who may benefit, are available on the Jersey Government website.

TAGS: individuals | compliance | tax | business | tax compliance | interest | law | Jersey | penalties | Tax | Tax Evasion

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