Jersey Welcomes Corporate Tax Certainty

by Jason Gorringe, Tax-News.com, London

22 December 2011

Jersey’s corporate tax regime was endorsed by the Council of Ministers of the European Union on December 19, confirming that it no longer contains 'harmful' provisions.

The Council approved the report of the EU Code of Conduct on Business Taxation Group which accepted that, with the roll back of the deemed distribution provisions, Jersey’s corporate tax regime no longer has harmful effects within the meaning of the code.

Welcoming the certainty the approval will bring, Chief Minister, Ian Gorst, said: “This brings to a very satisfactory conclusion the steps that were taken to satisfy the Code Group that Jersey’s corporate tax regime is now compliant with the code of conduct criteria.”

Minister for Treasury and Resources, Philip Ozouf, added: “The journey to this approval has been long and challenging. The Code Group’s decision today is extremely significant as approval of Jersey’s tax system. I hope that this news will be welcomed as a statement of confidence in past decisions but, more importantly, now that approval has been finally secured, in the positive future of our island.”

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