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Jersey Seeks Data From Tax-Exempt Companies

by Jason Gorringe,, London

30 October 2012

The Jersey government wishes to obtain more information on the profitability of companies that are subject to the island's 0% corporate tax rate, to aid the government in the development of future tax and economic policy.

Since 2009, companies that pay a 0% rate of corporate tax rate in Jersey have faced reduced reporting requirements. Only companies that pay the 10% rate, applicable to financial services entities with a permanent establishment in Jersey, and those that pay the 20% rate, applicable to rental income and the profits of utilities companies, have been required to disclose information on their income and expenses for tax administration purposes.

In a newly-launched consultation, the Jersey government explained that following scrutiny of the island's company tax regime by the European Union's Code of Conduct Group on Business Taxation, it has become increasingly important for island authorities to have an in-depth understanding of the activities, and profitability, of this tax-exempt economic segment.

The government has clarified that it does not seek to obtain information on an individual company basis. It is proposed that the additional information needed will be collected by the States of Jersey Statistics Unit, which the government stressed has complete operational independence in producing and publishing official statistics, and further underscored that all information compiled by the Statistics Unit is treated with the strictest confidence and is only used by the Unit to produce aggregate numbers. No individual company, household or personal information is passed by the Statistics Unit to any other States department or third party, the government underscored.

Jersey's Minister for Treasury and Resources, Philip Ozouf explained: “The States needs to improve the information it routinely collects on the profits being earned in Jersey. This will help to support the development of future tax strategy."

He added: “I would encourage companies and their shareholders to consider how this change to the information collected from them may affect them, and to feed-back any concerns they may have.”

TAGS: compliance | tax | business | fiscal policy | real-estate | Jersey | offshore | services

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