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Jersey Finance Welcomes Delay On Tax Reform

by Robert Pilgrim,, London

15 December 2009

Jersey Finance has welcomed the strong support given to the jurisdiction's finance industry by Treasury & Resources Minister, Senator Philip Ozouf, in his budget speech and his confirmation that it will take the time to examine all the options before deciding on any changes to the current business taxation regime.

Geoff Cook, chief executive, Jersey Finance, commented:

“The Minister’s proposal to earmark further funds to projects aimed at supporting the development of financial services next year will be vital if the industry is to compete effectively, particularly as we seek wider diversification in the market and aim to attract business flows from the emerging powerful economies of China, India and the Gulf, for instance."

“I am grateful to the Minister for recognizing our efforts in promoting the finance industry during the financial crisis in his speech today. Highlights for us during the past 12 months include the ringing endorsements that Jersey has received from international bodies such as the IMF, OECD and the UK Government’s Foot Review, the opening of Jersey Finance representative offices in London and Hong Kong and developing closer links with key organizations and intermediaries in China and India during major visits by Jersey delegations."

Cook concluded:

"We have been able to attract new business from Asia and from the Middle East as a result of our increasing profile, new products and improved legislation. However, we have only been able to achieve this level of success with the financial support of the Government and our Members, and in 2010 we need to maintain the promotional momentum and, where possible, increase activity in these markets.”

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